12 CFR 1231.2 - Definitions.

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There is 1 rule appearing in the Federal Register for 12 CFR 1231. View below or at eCFR (GPOAccess)
§ 1231.2 Definitions.
The following definitions apply to the terms used in this part:
(a) -(c) [Reserved}
(d) Entity-affiliated party means—
(1) Any director, officer, employee, or controlling stockholder of, or agent for, a regulated entity;
(2) Any shareholder, affiliate, consultant, or joint venture partner of a regulated entity, and any other person, as determined by the Director (by regulation or on a case-by-case basis) that participates in the conduct of the affairs of a regulated entity, provided that a member of a Bank shall not be deemed to have participated in the affairs of that Bank solely by virtue of being a shareholder of, and obtaining advances from, that Bank;
(3) Any independent contractor for a regulated entity (including any attorney, appraiser, or accountant), if—
(i) The independent contractor knowingly or recklessly participates in—
(A) Any violation of any law or regulation;
(B) Any breach of fiduciary duty; or
(C) Any unsafe or unsound practice; and
(ii) Such violation, breach, or practice caused, or is likely to cause, more than a minimal financial loss to, or a significant adverse effect on, the regulated entity;
(4) Any not-for-profit corporation that receives its principal funding, on an ongoing basis, from any regulated entity; and
(5) The Office of Finance.
(e) [Reserved]
(f)
(1) Golden parachute payment means any payment (or any agreement to make any payment) in the nature of compensation by any regulated entity for the benefit of any current entity-affiliated party pursuant to an obligation of such regulated entity that—
(i) Is contingent on, or by its terms is payable on or after, the termination of such party's primary employment or affiliation with the regulated entity; and
(ii) Is received on or after the date on which—
(A) The regulated entity became insolvent;
(B) Any conservator or receiver is appointed for such regulated entity; or
(C) The Director determines that the regulated entity is in a troubled condition.
(2) The term “golden parachute payment” shall not include:
(i) Any payment made pursuant to a pension or retirement plan which is qualified (or is intended within a reasonable period of time to be qualified) under section 401 of the Internal Revenue Code of 1986 (26 U.S.C. 401) or pursuant to a pension or other retirement plan which is governed by the laws of any foreign country;
(ii) Any payment made pursuant to a bona fide deferred compensation plan or arrangement which the Director determines, by regulation or order, to be permissible; or
(iii) Any payment made by reason of death or by reason of termination caused by the disability of an entity-affiliated party.
(3) Any payment which would be a golden parachute payment but for the fact that such payment was made before the date referred to in paragraph (f)(1)(ii) shall be treated as a golden parachute payment if the payment was made in contemplation of the occurrence of an event described that paragraph.
(g) -(j) [Reserved]
(k) Troubled condition means a regulated entity that—
(1) Is subject to a cease-and-desist order or written agreement issued by the FHFA that requires action to improve the financial condition of the regulated entity or is subject to a proceeding initiated by the Director, which contemplates the issuance of an order that requires action to improve the financial condition of the regulated entity, unless otherwise informed in writing by the FHFA; or
(2) Is informed in writing by the Director that it is in a troubled condition for purposes of the requirements of this part on the basis of the regulated entity's most recent report of examination or other information available to the FHFA.
(l) -(n) [Reserved]
[73 FR 53357, Sept. 16, 2008, as amended at 78 FR 2323, Jan. 11, 2013]

Title 12 published on 2014-01-01

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-01-28; vol. 79 # 18 - Tuesday, January 28, 2014
    1. 79 FR 4394 - Golden Parachute Payments
      GPO FDSys XML | Text
      FEDERAL HOUSING FINANCE AGENCY
      Final rule.
      Effective Date: February 27, 2014.
      12 CFR Part 1231

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United States Code

Title 12 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 1231 after this date.

  • 2014-01-28; vol. 79 # 18 - Tuesday, January 28, 2014
    1. 79 FR 4394 - Golden Parachute Payments
      GPO FDSys XML | Text
      FEDERAL HOUSING FINANCE AGENCY
      Final rule.
      Effective Date: February 27, 2014.
      12 CFR Part 1231