Federal Register: September 23, 2008 (Volume 73, Number 185)
DOCID: fr23se08-5 FR Doc E8-22260
FEDERAL HOUSING FINANCE AGENCY
Federal Housing Financing Agency
CFR Citation: 12 CFR Part 1231
RIN ID: RIN 2590-AA08
NOTICE: RULES
DOCID: fr23se08-5
DOCUMENT ACTION: Correcting amendments.
SUBJECT CATEGORY:
Golden Parachute Payments
DATES: Effective Date: September 23, 2008.
DOCUMENT SUMMARY:
The Federal Housing Finance Agency has determined, insofar as it relates to indemnification payments, to rescind that portion of the Interim Final Rule, published in the Federal Register on September 16, 2008 (73 FR 53356). That portion of the rule will be subject to a separate rulemaking, which will be published for public comment in the near term. Insofar as the Interim Final Rule addresses factors related to golden parachute payments, that portion of the rule remains effective and available for comment. This document corrects specific provisions in the rule referring to indemnification payments.
SUMMARY:
Golden Parachute Payments,
FOR FURTHER INFORMATION CONTACT
Alfred M. Pollard, General Counsel (OFHEO), telephone (202) 4143788; or Christopher Curtis, General Counsel (FHFB), telephone (202) 4082802 (not tollfree numbers), Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552. The telephone number for the Telecommunications Device for the Deaf is (800) 8778339.
Need for Correction
As published on September 16, 2008, and on September 19, 2008, the interim final regulation contained clerical and other errors, which these amendments correct.
List of Subjects in 12 CFR Part 1231
Golden parachutes, Governmentsponsored enterprises.
Accordingly, part 1231 of Title 12 CFR Chapter XII is corrected by making the following correcting amendments:
PART 1231GOLDEN PARACHUTE PAYMENTS
1. The authority citation for part 1231 continues to read as follows:
Authority: 12 U.S.C. 4518(e).
2. Section 1231.1 is revised to read as follows:
Sec. 1231.1 Purpose.
The purpose of this part is to implement section 1318(e) of the Act
by setting forth the standards that the Director will take into
consideration in determining whether to limit or prohibit golden parachute payments to entityaffiliated parties.
3. Section 1231.5 is amended by revising the introductory text and paragraph (f) to read as follows:
Sec. 1231.5 Factors to be taken into account.
In determining whether to prohibit or limit any golden parachute payment, the Director shall consider the following factors
* * * * *
(f) Any other factor the Director determines relevant to the facts
and circumstances surrounding the golden parachute payment, including
but not limited to negligence, gross negligence, neglect, willful
misconduct, breach of fiduciary duty, and malfeasance on the part of an entityaffiliated party.
Dated: September 18, 2008.
James B. Lockhart III,
Director, Federal Housing Finance Agency.
[FR Doc. E822260 Filed 91908; 11:15 am]
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