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NCUA | RIN: 3133-AD73 | Publication ID: Fall 2011 |
Title: Golden Parachute and Indemnification Payments | |
Abstract: NCUA adopted a final rule to prohibit, with some exceptions, a federally insured credit union (FICU) from making golden parachute and indemnification payments to an institution-affiliated party. The rule is intended to help safeguard the National Credit Union Share Insurance Fund (NCUSIF) by preventing the wrongful or improper disposition of FICU assets and to inhibit unwarranted rewards to IAPs who may have contributed to an FICU's troubled condition. NCUA also issued an interim final rule to correct an exception to the definition of golden parachute payment pertaining to plans offered under section 457 of the Internal Revenue Code. | |
Agency: National Credit Union Administration(NCUA) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 741.224 12 CFR 750 | |
Legal Authority: 12 USC 1757 12 USC 1766(a) 12 USC 1781 to 1790 12 USC 1786(t) 12 USC 1790d |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: ncua.gov/Resources/RegulationsOpinionsLaws/ProposedRegulations.aspx | Public Comment URL: www.regulations.gov/search/Regs/home.html#home |
RIN Data Printed in the FR: No | |
Agency Contact: Pamela Yu Special Counsel to the General Counsel National Credit Union Administration 1775 Duke Street, Alexandria, VA 22314 Phone:703 518-6540 Fax:703 518-6569 Email: pyu@ncua.gov |