Golden Parachute and Indemnification Payments under 12 CFR Part 750

Forms and Documents

Document Name	Status
Supporting Statement Golden Parachute_FINAL.docx Supporting Statement A	2015-01-15

IC Document Collections

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

ICR Details

OMB Control No: 3133-0183	ICR Reference No: 201412-3133-005
Status: Historical Active	Previous ICR Reference No: 201111-3133-001
Agency/Subagency: NCUA	Agency Tracking No:
Title: Golden Parachute and Indemnification Payments under 12 CFR Part 750
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/09/2015
	Date Received in OIRA: 01/23/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2018	36 Months From Approved
Responses	5	0	0
Time Burden (Hours)	20	0	0
Cost Burden (Dollars)	800	0	0

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Abstract: NCUA is announcing that a proposed collection of information has been submitted to the Office of Management and Budget (OMB) for review and clearance under the Paperwork Reduction Act of 1995 (PRA) (Public Law 104-13, 44 U.S.C. Chapter 35). The purpose of this notice is to allow for 30 days of public comment. 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). The regulation requires requests for a troubled FICU to make a severance or golden parachute payment to an IAP to be submitted in writing to NCUA.

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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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 65711	11/05/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 3258	01/22/2015
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	5	0	0	-10	0	15
Annual Time Burden (Hours)	20	0	0	-40	0	60
Annual Cost Burden (Dollars)	800	0	0	-1,600	0	2,400

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

Burden Increase Due to:

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

Burden Reduction Due to: Miscellaneous Actions

Short Statement: There is a reduction in number of problem FICUs since the original collection in 2011.

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Annual Cost to Federal Government: $2,400

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: 01/23/2015

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