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NCUA Chairman Todd Harper said he is preparing a new rule to address the failure of many credit union boards to plan for how they will replace their key executives when they retire — “especially in smaller credit unions.”

Harper, in prepared remarks for the African American Credit Union Coalition’s online Town Hall Nov. 12, said the pace of mergers was slowed by the COVID-19 pandemic, but is picking up steam. He said the increase in mergers reflects a decades-old trend among all types of financial institutions, but some credit unions have no path forward when leaders retire.

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Jim DuPlessis

A journalist for decades.

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