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NCUA Board Approves Proposed Rule on Succession Planning

Authored By: Lewis Wood on 1/27/2022

Board Briefed on Supervisory Priorities, Status of Central Liquidity Facility

ALEXANDRIA, Va. (Jan. 27, 2022) – The National Credit Union Administration Board held its first open meeting of 2022 through a live webcast and approved a proposed rule on succession planning.

The NCUA Board was briefed on the NCUA’s 2022 supervisory priorities and the status of the Central Liquidity Facility following the statutory expiration of its enhanced authority.

The Board was also briefed on required inflation adjustments to the agency’s civil monetary penalties, which were approved by a notation vote at the end of 2021.

Proposed Rule Would Require Federal Credit Unions to Have Succession Plans

The NCUA Board approved by a vote of 2-1 a proposed rule that would require boards of directors at federal credit unions to establish and adhere to processes for succession planning.

“At its core, this rulemaking is about federal credit unions of all sizes — especially smaller credit unions that do not already have succession plans — planning for their futures, so they can continue to serve their members for generations to come as independent entities,” said NCUA Chairman Todd M. Harper. “Small credit unions are at the heart of the movement, and we need to find a better way to preserve them, instead of consolidating them.”

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