Cornerstone Writes to NCUA on Proposal for Succession Planning Rule

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On Monday of this week, Cornerstone League wrote to the National Credit Union Administration regarding its proposed rule on succession planning. Thirty-eight Cornerstone-member credit union leaders also wrote to NCUA on this matter.

In the comment letter, Cornerstone Regulatory and Compliance Counsel Suzanne Yashewski wrote:

“We agree with the NCUA that succession planning is vital to the long-term success of a credit union and that it is a critical component of a credit union’s overall strategic plan. However, we feel NCUA would be better served by addressing this priority through guidance and Letters to Credit Unions rather than through overly prescriptive rulemaking that will add to an already growing regulatory burden.”

The letter also touches on safety and soundness, consolidation of credit unions, regulatory burden, consistency with other financial institution regulators, concerns for bias, flexibility, annual review, and confidentiality.

Read the full comment letter.

If you have questions, please contact [email protected].