Data / Federal rules / 2024-30449
Succession Planning
The National Credit Union Administration published this final rule in the Federal Register on December 26, 2024. It took effect on January 1, 2026.
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What the agency says
The NCUA Board (Board) is issuing this final rule to further strengthen succession planning efforts for all consumer federally insured credit unions (FICUs). This final rule requires that a FICU board of directors establish a written succession plan that addresses specified positions and contains certain information. In addition, the board of directors is required to regularly review the succession plan. The final rule also requires that newly appointed members of the board of directors have a working familiarity with the succession plan no later than six months after appointment. The final rule follows publication of a July 25, 2024, proposed rule and takes into consideration the public comments received on the proposed rule. In response to comments, the Board has amended the proposal to provide that a credit union board must review its succession plan no less than every 24 months, as opposed to the annual review that would have been required under the proposed rule. The Board has also revised the proposed rule by removing loan officers, credit committee members, and supervisory committee members from the list of FICU officials that must be covered by the succession plans. In addition, non-substantive changes have been made to the wording used in the list of covered officials for purposes of clarity. The final rule also streamlines the required contents of the succession plans and no longer requires that deviations from approved succession plans be documented in the FICU board's meeting minutes. Further, to help ensure that FICUs have the necessary time to develop their succession plans, the Board is delaying the effective date of the final rule until January 1, 2026.
Key facts
- Document number
- 2024-30449
- Type
- Final rule
- Action
- Final rule
- Agency
- National Credit Union Administration
- Published
- December 26, 2024
- Takes effect
- January 1, 2026
- Dates
- This final rule is effective on January 1, 2026.
- Regulation ID (RIN)
- 3133-AF42
- Code of Federal Regulations
- 12 CFR 701; 12 CFR 741
- Topics
- Bank deposit insurance; Credit; Credit unions; Reporting and recordkeeping requirements
- Pages
- 13
Other documents from the National Credit Union Administration
| Document | Type | Published |
|---|---|---|
| Notification to Members/Shareholders 2026-21512 | Proposed rule | Oct 21 |
| Nonconforming Investment Special Reserve 2026-21509 | Proposed rule | Oct 21 |
| Conversion to State-Chartered Credit Union 2026-21508 | Proposed rule | Oct 21 |
| Central Liquidity Facility 2026-21089 | Proposed rule | Oct 15 |
| Powers of Federal Credit Unions 2026-21088 | Proposed rule | Oct 15 |
| Corporate Credit Unions; Fidelity Bond and Insurance Coverage for Federally Insured Credit Unions 2026-21087 | Proposed rule | Oct 15 |
| Limits on Loans to Other Credit Unions 2026-16035 | Final rule | Aug 6 |
| Chartering and Field of Membership for Federal Credit Unions-Interpretive Ruling and Policy Statement 08-2 2026-16031 | Final rule | Aug 6 |
Everything from the National Credit Union Administration · Rules on bank deposit insurance · Rules on credit · Rules on credit unions · Published in December 2024
Read from the Federal Register API, last updated 2026-10-24. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.