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Federal Register / Vol. 86, No. 44 / Tuesday, March 9, 2021 / Proposed Rules
subject to a two-quarter grace period if they do not meet any of the eligibility criteria and may remain under the CBLR
framework, provided that their leverage ratio is above seven percent during the grace period. Beginning in 2021, the CBLR requirement will be 8.5 percent or greater and the minimum requirement during the grace period will be 7.5
percent.30 Beginning in 2022, the CBLR
requirement will return to nine percent and the minimum requirement during the grace period will return to eight percent.
In the preamble to the 2019
Supplemental Rule, the Board explained that it might consider a capital standard analog to the CBLR framework developed by the other banking agenciesreferred to in this ANPR as CCULR. The CCULR approach would be based on the principles of the CBLR
framework and, for complex credit unions that meet specified qualifying criteria and have opted into the approach, would provide relief from the requirement to calculate a risk-based capital ratio, as implemented by the 2015 Final Rule. In exchange, the qualifying complex credit union would be required to maintain a higher net worth ratio than is otherwise required for the well-capitalized classification.
This is a similar trade-off to the one made by qualifying community banking organizations under the CBLR.
As noted above, the 2015 Final Rule is scheduled to take effect on January 1, 2022. Accordingly, a CCULR approach would be parallel to the 2015 Final Rule and would not take effect until January 1, 2022. Qualifying complex credit unions would not be able to opt into the proposed CCULR approach prior to this effective date.
In designing the CCULR, the Board would seek to further the goal of the FCUAs PCA requirements by requiring that complex credit unions continue to hold capital commensurate with their risks, while minimizing the burden associated with complying with the NCUAs risk-based capital requirement.
The Board welcomes comments on a possible adoption of the CCULR and, in particular, seeks input on the following issues:
Question 5: The Board invites comments on the merits of incorporating the CCULR in its capital adequacy regulations. Should the NCUA
capital framework be amended to adopt an off-ramp such as the CCULR to the risk-based capital requirements of the 2015 Final Rule?
Question 6: The Board invites comment on the criteria for CCULR
30 See,
85 FR 22930 Apr. 23, 2020.

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eligibility. Should the Board adopt the same qualifying criteria as established by the other banking agencies for the CBLR? In recommending qualifying criteria regarding a credit unions risk profile, please provide information on how the qualifying criteria should be considered in conjunction with the calibration of the CCULR level under question 7, below.
Question 7: What assets and liabilities on a FICUs Call Report should the Board consider in determining the net worth threshold? How should each of these items be weighted?
Question 8: What are the advantages and disadvantages of using the net worth ratio as the measure of capital adequacy under the CCULR? Should the Board consider alternative measures for the CCULR? For example, instead of the existing net worth definition, the CCULR
could use the risk-based capital ratio numerator from the 2015 Final Rule, similar to the Tier 1 Capital measure used for banking institutions.
Question 9: Should all complex credit unions be eligible for the CCULR, or should the Board limit eligibility to a subset of these credit unions? For example, the Board could consider limiting eligibility to the CCULR
approach to only complex credit unions with less than $10 billion in total assets.
Question 10: The Board invites comment on the procedures a qualifying complex credit union would use to opt into or out of the CCULR approach.
What are commenters views on the frequency with which a qualifying complex credit union may opt into or out of the CCULR approach? What are the operational or other challenges associated with switching between frameworks?
Question 11: The Board invites comment on the treatment for a complex credit union that no longer meets the definition of a qualifying complex credit union after opting into the CCULR approach. Should the Board consider requiring complex credit unions that no longer meet the qualifying criteria to begin to calculate their assets immediately according to the risk-based capital ratio? Should the Board provide a grace period for these credit unions to come back into compliance with the CCULR and, if so, how long of a grace period is appropriate? What other alternatives should the Board consider with respect to a complex credit union that no longer meets the definition of a qualifying complex credit union and why? Is notification that a credit union will not meet the qualifying criteria necessary?

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VI. Timeline As discussed above, the 2015 Final Rule will be effective January 1, 2022.
The Board expects that any final rule developed in response to this ANPR
would be issued before the effective date of the 2015 Final Rule.
Accordingly, the Board expects that any notice of proposed rulemaking issued in response to this ANPR would be issued by midyear of 2021. Once comments are received, the Board will evaluate the comments and direct NCUA staff to move forward in drafting any proposed rule to meet this timeline.
VII. Conclusion The Board is committed to tailoring its capital requirements to the unique features of credit unions. The two approaches outlined in this ANPR are designed to accomplish this goal without reducing the effectiveness of the Boards capital standards. The RBLR
approach would replace the 2015 Final Rule risk-based capital requirements using relevant risk attribute thresholds that would require additional capital buffers. The CCULR would enable eligible complex FICUs to opt-into a framework to meet all regulatory capital requirements. The Board invites comments on these two options, as well as on any other recommendations that might similarly accomplish the goals outlined in this ANPR. All comments will be considered in the development of a future proposed rule.
By the National Credit Union Administration Board, this 14th day of January, 2021.
Melane Conyers Ausbrooks, Secretary of the Board.
FR Doc. 202101397 Filed 3821; 8:45 am BILLING CODE P

DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration 14 CFR Part 39
Docket No. FAA20200991; Project Identifier AD202000539A
RIN 2120AA64

Airworthiness Directives; Mooney International Corporation Airplanes Federal Aviation Administration FAA, DOT.
ACTION: Notice of proposed rulemaking NPRM.
AGENCY:

The FAA proposes to adopt a new airworthiness directive AD for certain Mooney International
SUMMARY:

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09MRP1