Golden Parachute and Indemnification Payments under 12 CFR Part 750

Forms and Documents

Document	Type	Status	Availability
Supporting Statement_Golden Parachutes.docx	Supporting Statement A	Uploaded 2011-05-13	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
197686	Golden Parachute and Indemnification Payments under 12 CFR Part 750		New

ICR Details

OMB Control No: 3133-0183	ICR Reference No: 201105-3133-001
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: NCUA	Agency Tracking No:
Title: Golden Parachute and Indemnification Payments under 12 CFR Part 750
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 07/08/2011
	Date Received in OIRA: 05/13/2011
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: NCUA proposes to adopt a rule to prohibit, with some exceptions, a federally insured credit union from making golden parachute and indemnification payments to an institution-affiliated party.

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Authorizing Statute(s): US Code: 12 USC 1786(t) Name of Law: Federal Credit Union Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3133-AD73	Proposed rulemaking	75 FR 47236	08/05/2010

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Golden Parachute and Indemnification Payments under 12 CFR Part 750

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This request for a new collection will impose a small burden on troubled federally insured credit unions (FICUs) seeking approval to make a severance or golden parachute payment to an institution-affiliated party (IAP). NCUA estimates that it may possibly affect 15 FICUs annually and estimates a total burden of 4 hours for each respondent. Notice of proposed changes and request for comment was published in the Federal Register and of the 18 comments received, none of the comments pertained to the PRA burden or requirements. NCUA proposed to adopt a rule to prohibit, with some exceptions, a FICU from making golden parachute and indemnification payments to an IAP. 12 C.F.R. Part 750. Proposed Part 750.6 would require requests for an FICU to make nondiscriminatory severance plan payments under Part 750.1(f)(2)(v) and golden parachute payments permitted by part 750.4 to be submitted in writing to NCUA.

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Annual Cost to Federal Government: $7,200

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 05/13/2011

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