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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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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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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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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August 2, 2010
NCUA has proposed a new rule that would prohibit 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, 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. The indemnification payment provision prohibits a credit union (whether or not troubled) from reimbursing expenses (e.g., fines and attorneys’ fees) of an executive who incurs a civil monetary penalty, who is removed from office, or who receives a cease and desist action. NCUA has fast-tracked the proposed rule, allowing only a 30-day comment period.
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