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Trades Jump on Proposed Rule For Executive Golden Parachutes

The NCUA's proposal to limit golden parachutes and indemnification payments is overbroad and would place unnecessary restrictions on credit union boards, according to

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The NCUA’s proposal to limit golden parachutes and indemnification payments is overbroad and would place unnecessary restrictions on credit union boards, according to comment letters filed by CUNA and NAFCU.

CUNA contends that the agency hasn’t justified the need for these changes to the rules impacting natural person credit unions, which are similar to previous rules that regulate the activities of corporate credit unions. CUNA Senior Vice President and Deputy General Counsel Mary Mitchell Dunn wrote that the board should permit credit unions to make golden parachute payments to former executives of insolvent or CAMEL 4 or 5 credit unions if the executive “was not involved in causing the loss.”

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Peter Westerman

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