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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

Timetable:

Action	Date	FR Cite
NPRM	08/05/2010	75 FR 47236
NPRM Comment Period End	09/07/2010
Final Rule	05/26/2011	76 FR 30510
Interim Final Rule	06/24/2011	76 FR 36979
Interim Final Rule Comment Period End	07/25/2011
Final Action	12/00/2011

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