The NCUA approved a new succession planning rule earlier this week. The rule will go into effect January 1, 2026. Per the communication, the need for the rule was highlighted by two key factors: (1) long-running trend of credit union consolidation, and (2) increased retirements of credit union executives. If your credit union doesn't have a succession plan in place, it's time! The final rule also came with a sample template for a succession plan that should benefit all credit unions. #successionplan #creditunions
