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Federal Register / Vol. 86, No. 124 / Thursday, July 1, 2021 / Rules and Regulations Act, 12 U.S.C. 1790d, as added by section 301 of the Credit Union Membership Access Act, Public Law 105219, 112 Stat. 913 1998.
b Purpose. This subpart provides for the phase in of the adverse effects on the regulatory capital of federally insured credit unions that may result from the adoption of the current expected credit losses CECL accounting methodology.
c Scope. 1 The transition provisions of this subpart apply to Federally insured credit unions, whether Federally or State-chartered, including credit unions defined as new pursuant to section 1790db2
that make charges for loan losses in accordance with:
i Generally accepted accounting principles GAAP under 702.402d1i; or ii In the case of Federally-insured, State-chartered credit unions, any other applicable standard under State law or regulation under 702.402d1iiB.
2 The transition provisions of this subpart do not apply to Federallyinsured credit unions, whether Federally or State-chartered, including credit unions defined as new pursuant to section 1790db2, that make charges for loan losses using a reasonable reserve methodology under 702.402d1iiA.
702.702

Definitions.

In addition to the definitions set forth in 702.2, the following definitions apply to this subpart:
Current Expected Credit Losses CECL means the current expected credit losses methodology under GAAP.
CECL transitional amount means the decrease of a credit unions retained earnings resulting from its adoption of CECL, as determined pursuant to 702.703b.
Transition period means the 12quarter reporting period beginning the first day of the fiscal year in which the credit union adopts CECL.

amount is equal to the difference between the credit unions retained earnings as of the beginning of the fiscal year in which the credit union adopts CECL and the credit unions retained earnings as of the closing of the fiscal year immediately prior to the credit unions adoption of CECL.
2 For purposes of calculating the fourth through twelfth quarters of the transition period, as described in paragraphs c2 and c3 of this section, the CECL transitional amount is equal to the difference between the credit unions retained earnings as of the end of the fiscal year in which the credit union adopts CECL and the credit unions retained earnings as of the beginning of its next fiscal year.
c Calculation of CECL transition provision. In determining the net worth category of a credit union as provided in paragraph a of this section, the NCUA shall:
1 Increase retained earnings and total assets as reported on the Call Report for purposes of the net worth ratio by 100 percent of its CECL
transitional amount during the first three quarters of the transition period first three reporting quarters of the fiscal year in which the credit union adopts CECL;
2 Increase retained earnings and total assets as reported on the Call Report for purposes of the net worth ratio by sixty-seven percent of its CECL
transitional amount during the second four quarters of the transition period fourth reporting quarter of the fiscal year in which the credit union adopts CECL and first three reporting quarters of the next fiscal year; and 3 Increase retained earnings and total assets as reported on the Call Report for purposes of the net worth ratio by thirty-three percent of its CECL
transitional amount during the final four quarters of the transition period.
FR Doc. 202113907 Filed 63021; 8:45 am BILLING CODE 753501P

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702.703

CECL transition provisions.

a EligibilityThe NCUA shall use the transition provisions of this subpart in determining a credit unions net worth category under this part, as applicable, if:
1 The credit union has not adopted CECL before its first fiscal year beginning after December 15, 2022; and 2 The credit union records a reduction in retained earnings due to the adoption of CECL.
b Determination of CECL transition amount. 1 For purposes of calculating the first three quarters of the transition period, as described in paragraph c1
of this section, the CECL transitional
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DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration 14 CFR Part 39
Docket No. FAA20210540; Project Identifier MCAI202100694T; Amendment 3921635; AD 20211408
RIN 2120AA64

Airworthiness Directives; Airbus SAS
Airplanes Federal Aviation Administration FAA, DOT.

AGENCY:

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34933

Final rule; request for comments.

ACTION:

The FAA is adopting a new airworthiness directive AD for all Airbus SAS Model A319151N, A319
153N, A319171N, A320251N, A320
252N, A320253N, A320271N, A320
272N, A320273N, A321251N, A321
251NX, A321252N, A321252NX, A321253N, A321253NX, A321271N, A321271NX, A321272N and A321
272NX airplanes. This AD was prompted by reports of an increasing number of operational disruptions due to airspeed discrepancies. This AD
requires revising the existing airplane flight manual AFM to include a procedure to reinforce the airspeed check during the take-off phase and provide instructions to abort take-off in certain cases, as specified in a European Union Aviation Safety Agency EASA
AD, which is incorporated by reference.
The FAA is issuing this AD to address the unsafe condition on these products.
DATES: This AD becomes effective July 1, 2021.
The Director of the Federal Register approved the incorporation by reference of a certain publication listed in this AD
as of July 1, 2021.
The FAA must receive comments on this AD by August 16, 2021.
ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
Federal eRulemaking Portal: Go to https www.regulations.gov. Follow the instructions for submitting comments.
Fax: 2024932251.
Mail: U.S. Department of Transportation, Docket Operations, M
30, West Building Ground Floor, Room W12140, 1200 New Jersey Avenue SE, Washington, DC 20590.
Hand Delivery: Deliver to Mail address above between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays.
For EASA material incorporated by reference IBR in this AD, contact EASA, Konrad-Adenauer-Ufer 3, 50668
Cologne, Germany; telephone +49 221
8999 000; email ADs@easa.europa.eu;
internet www.easa.europa.eu. You may find this IBR material on the EASA
website at https ad.easa.europa.eu.
You may view this IBR material at the FAA, Airworthiness Products Section, Operational Safety Branch, 2200 South 216th St., Des Moines, WA. For information on the availability of this material at the FAA, call 2062313195.
It is also available in the AD docket on the internet at https
www.regulations.gov by searching for SUMMARY:

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