America’s Credit Unions’ latest Regulatory Comment calls for credit unions to submit feedback on the NCUA’s proposed rule on succession planning. Comments can be sent to America’s Credit Unions by Sept. 9 and are due to the agency by Sept. 23.
Legacy CUNA members can submit comments here, legacy NAFCU members can submit comments here.
The proposal would require federally insured credit unions to establish a written succession plan for certain positions.
These include members of the board and supervisory committee, as well as management and assistant management officials, senior executive officers, and members of the credit committee and loan officers when they are involved daily in the review of loans.
The plan should identify the title of the incumbent of each covered position, an anticipated vacancy date, and the credit union’s general plan or strategy for temporarily and permanently filling positions, including vacancies due to unexpected circumstances.
The board of directors is required to review the succession plan at least once a year.
