NCUA Succession Planning Mandate: Effective Strategies for Credit Unions with OneAccord’s Toolkit
National Credit Union Administration (NCUA) has introduced a new mandate requiring credit unions to implement comprehensive succession planning processes for critical positions. Public comments are still being compiled with the due date for comments to be accepted of September 23rd, 2024.
While compliance with this mandate is essential, the true value of succession planning extends far beyond regulatory requirements. It’s a best practice that safeguards against disruptions in business operations, and with 73 million baby boomers expected to retire now and between 2030, the demand to have stable community credit unions available will only grow.
Too often, credit unions find themselves scrambling to fill critical roles when an unexpected departure occurs, placing undue burdens on other executives and boards of directors to fill them quickly, risking the due diligence process in hiring the right individual.
At OneAccord, we recognize the importance of not just meeting NCUA expectations but also proactively securing your credit union’s future. We offer more than just a blueprint—we help you execute it. Our Succession Planning for Financial Institutions toolkit is designed to guide credit unions through the entire process, from development to planning to implementation, ensuring stability and continued success.
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Understanding the NCUA Succession Planning Mandate
The NCUA’s revised proposal mandates that all credit unions establish succession plans that cover their board of directors, supervisory committees, and all other critical roles in their respective organizations. The proposed mandate emphasizes that succession plans should be consistent with the size and complexity of the credit union.
Smaller institutions might adopt simpler plans addressing a few key leadership positions, whereas larger, more complex institutions would develop extensive plans for various critical roles.
Internal Link: Learn more about the Strategic Planning Services that support credit unions in building succession frameworks aligned with this mandate.
Need help designing a compliant and effective succession strategy?
OneAccord’s Customized Succession Planning for Credit Unions
For credit unions, particularly smaller ones, the prospect of developing and maintaining a robust succession plan might seem daunting. However, this is where we come in. As a strategic planning firm with a deep understanding of the credit union landscape, we are uniquely positioned to assist in crafting tailored succession plans that not only comply with the NCUA mandate but also enhance the overall strategic framework of your organization.
Highlights and Considerations for Credit Unions in Succession Planning
- Customized Succession Planning: Plans are tailored to each institution’s specific needs, size, and complexity.
- Toolkits for Success:
- Identify critical roles
- Perform core competency gap analysis
- Create standard/customized job descriptions
- Develop career mapping roadmaps
- Establish KPIs and OKRs with leadership
- Conduct cultural fit assessments
- Ongoing Review and Adjustment: Succession planning is dynamic—our process includes continual evaluation.
- Training and Development: We create internal development programs to groom future leaders.
Looking to build a pipeline of board-ready leaders? Explore our succession planning toolkit →
Curious about long-term leadership readiness? Read our blog on Are You Holding Your Breath? The Hidden Costs of Complacency
Creating Scalable Systems and ProcessesHow OneAccord Guides Credit Unions Through Strategic Planning
A well-crafted succession plan ensures continuity in leadership, minimizes disruptions during transitions, and helps maintain member confidence and trust. It also positions your credit union for long-term success by fostering a leadership development and readiness culture.
Ready to build your custom succession strategy? Contact us today to begin →
Have questions? Connect with Michael Kadel, our Managing Principal for Financial Institutions.
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FAQs: Strategic Business Planning & Support
Strategic Planning creates a roadmap for your company with clear initiatives, responsibilities, and goals. Business Coaching with OASYS helps your team implement that roadmap through better systems, leadership, and team alignment.
When you’re facing transition, gaps in leadership, or need momentum during key growth or exit phases. It’s a cost-effective way to get experienced leadership without a long hiring cycle.
Yes—but it often leads to deeper engagements. About 70% of our strategic planning clients move into coaching or executive support once they see the results.
No. We specialize in helping mid-market businesses—typically $5M–$100M in revenue—across industries prepare for growth, scale, or succession.
We typically begin with a consultation, followed by a discovery phase. Depending on the engagement type, we can often begin work within 2–3 weeks.
