Is your credit union prepared to meet the new NCUA requirement for a comprehensive, up-to-date succession plan covering senior executives and board members?
Are you ready to grapple with the new NCUA requirement that every credit union have an up to date succession plan that covers both senior executives and board members?
The good news: you’re not required to have a written plan until January 1, 2026.
The bad news: if you don’t have a plan by then, or if your plan falls far short of NCUA’s expectations, the credit union can be written up by an examiner.
On the show is Jeff Paille, partner in The Bonadio Group’s Assurance Division, who offers a primer on what every credit union needs to know about this NCUA requirement.
And he also talks about what will happen if you simply tell the examiner you haven’t gotten a plan together.
Incidentally, although the NCUA explicitly flagged mergers triggered by a lack of a succession plan as a prompt for this new requirement, Paille says that a common succession plan at many credit unions is in fact merger.
