[Federal Register Volume 79, Number 214 (Wednesday, November 5, 2014)]
[Notices]
[Pages 65711-65712]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-26219]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Request for Comments 
for Extension of a Previously Approved Collection; Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Request for comment.

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SUMMARY: The NCUA intends to submit the following information 
collection to the Office of Management and Budget (OMB) for review and 
clearance under the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 
U.S.C. Chapter 35). This information collection notice is published to 
obtain comments from the public. This is related to NCUA's regulation 
that prohibits, in certain circumstances, a federally insured credit 
union (FICU) from making golden parachute and indemnification payments 
to an institution-affiliated party (IAP).

DATES: Comments will be accepted until January 5, 2015.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Amanda Wallace, National Credit Union 
Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428, Fax 
No. 703-837-2861, Email: [email protected].

[[Page 65712]]


FOR FURTHER INFORMATION CONTACT: Requests for additional information, a 
copy of the information collection request, or a copy of submitted 
comments should be directed to Amanda Wallace at the National Credit 
Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428, or 
at [email protected].

SUPPLEMENTARY INFORMATION:

I. Abstract and Request for Comments

    NCUA is extending a previously approved collection of information 
for 12 CFR Part 750, Golden Parachute and Indemnification Payments. 
Part 750 is NCUA's regulation that prohibits, in certain circumstances, 
a FICU from making golden parachute and indemnification payments to an 
IAP. The collection of information requirement applies to troubled 
FICUs seeking approval to make a severance or golden parachute payment 
to an IAP. Specifically, Sec.  750.6 requires requests for an FICU to 
make nondiscriminatory severance plan payments under Sec.  
750.1(e)(2)(v) and golden parachute payments permitted by Sec.  750.4 
to be submitted in writing to NCUA.
    In NCUA's experience, FICU requests to make severance and golden 
parachute payments within the scope of the rule do not occur often. 
NCUA estimates that, as of June 30, 2014, there are 6,429 FICUs. Of 
those, there were 278 problem FICUs with CAMEL 4 or 5 ratings. Of 
those, 229 FICUs had less than $50 million in total assets and an 
additional 22 FICUs had less than $100 million in total assets. These 
smaller FICUs are unlikely to seek NCUA approval to make severance or 
golden parachute payments because these payments are more typically 
seen in the executive compensation of larger, more complex FICUs. Of 
the remaining 27 larger problem FICUs, NCUA anticipates no more than 20 
percent would seek NCUA approval to make a severance or golden 
parachute payment. Accordingly, NCUA estimates that on an annual basis 
and across all FICUs, only approximately five FICUs will need to 
solicit NCUA approval in advance of making a severance or golden 
parachute payment within the scope of the rule and that preparing the 
request for approval may take four hours. Five FICUs times four hours 
per respondent equals 20 annual burden hours.
    NCUA requests that you send your comments on the information 
collection requirements under part 750 to the locations listed in the 
addresses section. Your comments should address: (a) The necessity of 
the information collection for the proper performance of NCUA, 
including whether the information will have practical utility; (b) the 
accuracy of our estimate of the burden (hours and cost) of the 
collection of information, including the validity of the methodology 
and assumptions used; (c) ways we could enhance the quality, utility, 
and clarity of the information to be collected; and (d) ways we could 
minimize the burden of the collection of the information on the 
respondents such as through the use of automated collection techniques 
or other forms of information technology. It is NCUA's policy to make 
all comments available to the public for review.

II. Data

    Title: Golden Parachute and Indemnification Payments, 12 CFR Part 
750.
    OMB Number: 3133-0183.
    Form Number: None.
    Type of Review: Extension of a previously approved collection.
    Description: Part 750 is NCUA's regulation prohibit, in certain 
circumstances, a FICU from making golden parachute and indemnification 
payments to an IAP. The collection of information requirement only 
affects troubled FICUs seeking approval to make a severance or golden 
parachute payment to an IAP. Specifically, Sec.  750.6 requires 
requests for an FICU to make nondiscriminatory severance plan payments 
under Sec.  750.1(e)(2)(v) and golden parachute payments permitted by 
Sec.  750.4 to be submitted in writing to NCUA.
    Respondents: Federally insured credit unions.
    Estimated No. of Respondents: 5.
    Frequency of Response: Upon request.
    Estimated Burden Hours per Response: 4 hours.
    Estimated Total Annual Burden Hours: 20.
    Estimated Total Annual Cost: $800.

    By the National Credit Union Administration Board on October 30, 
2014.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2014-26219 Filed 11-4-14; 8:45 am]
BILLING CODE 7535-01-P