ALEXANDRIA, Va. — Federally insured credit unions that are insolvent, in conservatorship or have ratings of CAMEL 4 and 5 could not offer golden parachutes to their executives under a proposed NCUA rule.
The agency unveiled the rule at today's NCUA Board Meeting.
NCUA's rule defines golden parachutes as payments that are "contingent on the termination of that person's employment and received when the credit union making the payment is troubled, capitalized or insolvent."
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