As many senior leaders across the credit union industry near retirement age or leave for other opportunities, boards of directors are looking to younger generations to fill the gap and advance their organizations.

Aging C-suite professionals who postponed retiring at the onset of the COVID-19 pandemic to help their institutions through uncertain times are now taking steps to leave — creating vacancies for critical decision-making roles across organizations. This struggle to compete against larger financial organizations is further fueling the trend of shrinking membership at credit unions.

Regulators with the National Credit Union Administration have been working diligently to combat this trend by advancing a proposed rule on succession planning in early 2022, but have not discussed it in any board meetings since then.

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