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NCUA to look at executive compensation next week
ALEXANDRIA, Va. (2/11/11)--A proposed rule addressing incentive-based compensation arrangements will be one of many items on the NCUA Board’s agenda when it next meets at 10:00 a.m. (ET) on Feb. 17. Though it did not release any details of the compensation-related proposal, the NCUA on Thursday did confirm that it would soon propose agency oversight of the executive compensation awarded by some natural person credit unions. The NCUA last year banned awarding so-called "golden parachute" executive compensation packages to executives of troubled corporates, and introduced new rules that require corporates to disclose their executive compensation packages. The agency will also vote on a final rule addressing corporate federal credit union chartering guidelines. The NCUA late last year proposed rules that would require at least seven natural person credit union representatives to provide detailed business planning and supplemental information alongside a corporate credit union charter application. The NCUA and its Office of Corporate Credit Unions (OCCU) would then judge whether the proposed corporate credit union would uphold the provisions of the Federal Credit Union Act, promote safety and soundness within the credit union industry, and provide quality services to members. Credit ratings and interest rate ceilings are also on the agenda for the NCUA’s February open meeting. The NCUA's monthly report on the status of its insurance funds will also be delivered during the meeting. A closed NCUA session will follow the open meeting. A creditor claim, insurance appeals, and supervisory matters will be discussed during the closed meeting. For the full NCUA meeting agenda, use the resource link.
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