Golden Parachute and Indemnification Payments under 12 CFR Part 750

Forms and Documents

Document Name	Status
FINALSupporting Statement_Golden Parachutes.docx Supporting Statement A	2011-11-21

IC Document Collections

IC ID	Document Title	Status
197686	Golden Parachute and Indemnification Payments under 12 CFR Part 750	Modified

ICR Details

OMB Control No: 3133-0183	ICR Reference No: 201111-3133-001
Status: Historical Active	Previous ICR Reference No: 201105-3133-001
Agency/Subagency: NCUA	Agency Tracking No:
Title: Golden Parachute and Indemnification Payments under 12 CFR Part 750
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/29/2011
	Date Received in OIRA: 11/21/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2014	36 Months From Approved
Responses	15	0	0
Time Burden (Hours)	60	0	0
Cost Burden (Dollars)	2,400	0	0

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Abstract: NCUA submitted a request for a new collection and received a conclusion action of Comment filed on proposed rule. No comments relating to the PRA aspects of the rule were received. The final rule was published on May 26, 2011. The rule prohibits, with some exceptions, a federally insured credit union from making golden parachute and indemnification payments to an institution-affiliated party.

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Authorizing Statute(s): US Code: 12 USC 1786(t) Name of Law: Federal Credit Union Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3133-AD73	Final or interim final rulemaking	76 FR 30510	05/26/2011

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Golden Parachute and Indemnification Payments under 12 CFR Part 750

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	15	0	0	15	0	0
Annual Time Burden (Hours)	60	0	0	60	0	0
Annual Cost Burden (Dollars)	2,400	0	0	2,400	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: NCUA submitted a request for a new collection and received a conclusion action of Comment filed on proposed rule. No comments relating to the PRA aspects of the rule were received. The final rule was published on May 26, 2011. The rule prohibits, with some exceptions, a federally insured credit union from making golden parachute and indemnification payments to an institution-affiliated party.

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Annual Cost to Federal Government: $7,200

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 11/21/2011

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