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NCUA | RIN: 3133-AF42 | Publication ID: Fall 2024 |
Title: Succession Planning | |
Abstract:
In February 2022, the NCUA Board published a proposed rule that would require that federal credit union boards of directors establish and adhere to processes for succession planning. The succession plans would help to ensure that the credit unions have plans to fill key positions, such as officers of the board, management officials, executive committee members, supervisory committee members, and (where provided for in the bylaws) the members of the credit committee to provide continuity of operations. In addition, the proposed rule would require directors to be knowledgeable about the credit union's succession plan. After reviewing the comments, the NCUA Board published a second proposed rule in July 2024 that extends the proposed requirements to all consumer federally insured credit unions and offers additional details and guidance for small credit unions, including an optional succession planning template. |
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Agency: National Credit Union Administration(NCUA) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 701 12 CFR 741 | |
Legal Authority: 12 U.S.C. 1752(5) 12 U.S.C. 1755 to 1759 12 U.S.C. 1761a to 1761b 12 U.S.C. 1766 to 1767 12 U.S.C. 1781 to 1790 15 U.S.C. 3717 15 U.S.C. 1601 et seq. 42 U.S.C. 1981 31 U.S.C. 3717 42 U.S.C. 4311 to 4312 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: https://www.ncua.gov/regulation-supervision/rulemakings-proposals-comment | |
RIN Data Printed in the FR: No | |
Agency Contact: Ariel Pereira Senior Staff Attorney National Credit Union Administration 1775 Duke Street, Alexandria, VA 22314 Phone:703 548-2778 Fax:703 518-6569 Email: apereira@ncua.gov |