(a) Scope. This section contains the procedures to apply for the consent of the Director to make golden parachute payments under Sec. 1231.3(b) (including entering into agreements to make such payments) or to make excess nondiscriminatory severance plan payments under paragraph (2)(v) of the term golden parachute payment as defined in Sec. 1231.2.
(b) Where to file. A regulated entity or the Office of Finance must submit a letter application to the Manager, Executive Compensation, Division of Supervision Policy and Support, or to such other person as FHFA may direct.
(c) Content of filing. The letter application must contain the following:
(1) The reasons why the regulated entity or the Office of Finance seeks to make the payment;
(2) An identification of the entity-affiliated party who will receive the payment;
(3) A copy of any contract or agreement regarding the subject matter of the filing;
(4) The cost of the proposed payment and its impact on the capital and earnings of the regulated entity;
(5) The reasons why the consent to the payment should be granted; and
(6) Certification and documentation as to each of the factors listed in Sec. 1231.3(b)(1)(iv).
(d) Additional information. FHFA may request additional information at any time during the processing of the letter application.
(e) Written notice. FHFA shall provide the applicant with written notice of the decision as soon as it is rendered. [79 FR 4400, Jan. 28, 2014]