The National Credit Union Administration (NCUA) approved a revised proposed rule by a 2-1 vote that would require federally insured credit union boards of directors to establish a written succession plan for key positions of the credit union and annually review the plan. The NCUA proposed a similar rule in 2022 but the agency did not approve a final rule on the subject. The succession plan would be required to identify key positions and address the strategy for recruiting candidates to fill those positions should they be vacated. The key positions that the NCUA cites include members of the Board of Directors, members of the Supervisory Committee, members of the Credit Committee, if applicable, loan officers, executives and other key personnel. The comment period on the proposal is open and closes on September 23rd.
