League opposes unnecessary succession planning rule
Published by: Sean Brown
October 1, 2024 | Regulatory
Decisions about what is best for a credit union’s future, especially a succession plan, should be made by its Board. That is why the League is advocating against a proposed National Credit Union Administration (NCUA) succession planning requirement.
The NCUA proposal represents a massive investment of time and resources without any tangible proof that it will achieve the intended goals—time that credit unions should be investing in innovation and growth for better member service.
The League recently submitted a comment letter and called upon Ohio’s credit unions to get involved and remind the NCUA that decisions regarding a credit union’s future should be left to those who are in the best position to manage it: the boards themselves. This campaign produced an additional 35 messages to the NCUA advocating for the independent decision-making power of your boards. Whether or not this proposal moves forward, Ohio credit union advocacy remains at the forefront of the fight. The League will continue to monitor this rule as it moves through the administrative process.
Contact Sean Brown for questions or assistance.
