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Washington
CUNA seeks comment on indemnification changes
WASHINGTON (8/17/10)--The Credit Union National Association (CUNA) has asked credit unions to comment on whether a proposed prohibition on indemnification payments would discourage institution-affiliated parties (IAPs) from working with credit unions. The NCUA’s indemnification proposal would prohibit federally insured credit unions from making indemnification payments to an institution-affiliated party (IAP) for legal and other professional expenses in administrative and civil proceedings by NCUA or a state regulatory agency where the IAP is assessed a civil money penalty, removed from office or made subject to a cease and desist order. Credit unions may also comment on whether or not the NCUA should prescribe an indemnification prohibition on IAPs regardless of the financial condition of the credit union that they are involved with. CUNA’s comment call has also asked if the aforementioned indemnification payment prohibitions, as well as prohibitions on so-called “golden parachute” compensation arrangements, should apply to both natural person and corporate credit unions. The NCUA proposed prohibiting so-called “golden parachute” compensation packages to the departing executives of troubled federally insured credit unions. These prohibitions would not apply to qualified pension plans, "bona fide" deferred compensation, and some other types of employee benefits and severance agreements, and would not apply to current employment contracts, only to those that are agreed to or renewed after the rules take effect. Comments are due to CUNA by Aug. 27. Comments to NCUA should be submitted by Sept. 7. For the comment call, use the resource link.


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