Markets Wired

New Series Provides Practical Steps for Boards to Build a Succession Plan

ALEXANDRIA, Va. (June 8, 2016) – Credit union board directors can learn more about the necessity of succession planning in a new three-part video series released today on the National Credit Union Administration’s YouTube (opens new window) channel.

“Effective succession planning doesn’t start with the retirement announcement of a credit union executive,” NCUA Office of Small Credit Union Initiatives Director William Myers said. “Effective succession planning by a credit union board today will ensure that when it comes time to fill a leadership position tomorrow, the credit union’s members will be well served through the continuity of a credit union’s performance and culture.”

Succession Planning, available online here (opens new window), explains the two types of succession plans a credit union should have in place, the responsibilities of the credit union board in the succession planning process and why succession planning should be an ongoing part a credit union’s overall strategic planning process. Credit union boards may also access resources like a sample succession planning template and NCUA’s Federal Credit Union Handbook through the videos.

Created by NCUA’s Office of Small Credit Union Initiatives, the online training module on succession planning is part of a video series covering a variety of subjects important to credit union boards, such as effective board management (opens new window), credit union policies and procedures (opens new window) and mergers (opens new window). More information is also available on NCUA’s Small Credit Union Learning Center available on www.ncua.gov.

NCUA’s Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, minority depository institutions, new credit unions and credit unions with a low-income designation. For more information about the work of the Office of Small Credit Union Initiatives, visit the office’s website or subscribe to its monthly FOCUS e-newsletter.