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The Case for Credit Unions Providing Their Directors Long Term Care Insurance
 

July 8, 2011

By Tom Telford

The term “volunteer” exemplifies commitment, impact and shaping a desired outcome through the offering of one’s own ability. For all board members committed to the credit union movement, this means thousands of hours of work to help shape their organizations. With the new regulations from NCUA regarding fiduciary duties, the responsibilities and expectations of credit union directors have multiplied.

Long term care is an opportunity for a credit union to provide something of value to their board members for volunteering their time, talent and dedication to the success of the organization.

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Rich Brock Selected As President/CEO for BFB
 

June 2, 2011

CHARLOTTE, NC     Rich Brock has been selected as President/CEO at Burns-Fazzi, Brock (BFB), a Charlotte-based national executive benefits consultancy firm for credit unions. Chris Burns-Fazzi, Principal and Co-Founder of BFB made the announcement.

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Golden Parachute Memo
 

May 25, 2011

On Thursday, May 19, 2011 the NCUA finalized the rule for Part 750 - Golden parachute, indemnification payments:

The final rule prohibits federally insured credit unions that are insolvent, troubled or in conservatorship to enter into contracts to pay and to make golden parachute and indemnification payments except under certain circumstances (such as for the hiring of new management to help restore or improve the financial condition or in cases involving unassisted mergers).

It does allow, in some cases, an advance of indemnification payments where responsibility for a violation is still in dispute.

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Golden Parachute Q&A
 

May 25, 2011

NCUA has finalized Part 750, which prohibits certain “golden parachute” and indemnification payments. The golden parachute limitations apply to financially “troubled” credit unions. The limits do not apply to non-troubled credit unions, to pre-existing arrangements, to any death benefits, properly designed collateral assignment split dollar, bona fide SERP or other nonqualified deferred compensation plans (i.e., even troubled credit unions could continue to pay bona fide SERP benefits), or to certain limited severance plans.

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Tom Telford Selected As Executive Vice President For BFB
 

May 2, 2011

CHARLOTTE, NC     Tom Telford has been promoted to Executive Vice President at Burns-Fazzi, Brock (BFB) a Charlotte-based national executive benefits consultancy firm for credit unions. Rich Brock, Principal and Co-Founder of BFB made the announcement.

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