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Washington
CUNA urges NCUA Allow fund prepays drop parachute ban
WASHINGTON (5/18/11)--The Credit Union National Association (CUNA) urged the National Credit Union Administration (NCUA) Tuesday to drop its proposed prohibition on golden parachute and indemnification payments--and to move forward to allow credit unions to prepay corporate stabilization fund assessments “without unfavorable accounting consequences.” The CUNA comments, in a letter sent to all three NCUA board members, were made in advance of a Thursday NCUA open board meeting at which both topics are set to be addressed. If adopted, the NCUA final rule on golden parachutes would implement a prohibition on certain arrangements and indemnification payments in certain circumstances. CUNA President/CEO Bill Cheney said the “golden parachute” rule proposed by the agency should not be adopted without major changes. CUNA is concerned by “the lack of agency substantiation for the proposal” and “the latitude the rule would seem to provide for examiners to challenge a credit union’s ‘good faith’ determination that indemnification should be provided.” On the other key topic, Cheney said that allowing voluntary prepayment of Corporate Credit Union Stabilization Fund assessments would “smooth out the expensing of corporate stabilization assessments as much as possible over the coming several years.”


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