Voglio sapere a riguardo di…

Federal Register / Vol. 86, No. 54 / Tuesday, March 23, 2021 / Rules and Regulations calendar year 2022. This means that asset growth in 2020 will not trigger new regulatory requirements under Part 702 until January 1, 2023, at the earliest.
Therefore, if a FICU had substantial asset growth during the latter half of 2020 and has $10 billion or more in assets on March 31, 2021, but had less than $10 billion in assets on March 31, 2020, the FICU does not meet the definition of a covered credit union and will not be designated as a tier I credit union subject to capital planning requirements on January 1, 2022. If a FICU had $10 billion or more in total assets on March 31, 2020, however, it must complete a capital plan this year for calendar year 2021. And, if a covered credit union has $15 billion in assets on March 31, 2021, but had less than $15 billion on March 31, 2020, it is not required to conduct a stress test in calendar year 2022. Similarly, a covered credit union is not designated as a tier III covered credit union based on its total assets as of March 31, 2021.
Accordingly, a FICU would not be newly designated as a tier I, II, or III
covered credit union until March 31, 2022, and such designation will not be effective until January 1, 2023. This temporary regulatory relief reflects that much of the balance sheet growth since the start of the COVID19 Pandemic, especially growth related to member deposits, does not generally reflect changes in FICUs risk profiles and was unexpected by the FICU. Based on this analysis, the Board finds that this temporary change will not undermine the purpose behind the capital planning and stress testing requirements and will permit FICUs an additional year to either reduce their total assets to under the applicable asset-size threshold or prepare for compliance with capital planning and stress testing requirements.
As discussed, the interim final rule also makes a conforming change to the measurement date for determining oversight by ONES. Currently, ONES
oversees FICUs with $10 billion or more in assets. Similar to the measurement date for capital planning and stress testing requirements, FICUs reporting assets of $10 billion or more on March 31 each year will be reassigned to ONES
on January 1 of the following year.
Under the interim final rule, the NCUA
will use financial data as of March 31, 2020, instead of March 31, 2021, to determine the supervision of natural person credit unions for calendar year 2022.
The interim final rule also makes conforming amendments to other NCUA
regulations that refer to supervision by ONES. These changes replace specific
VerDate Sep<11>2014

16:06 Mar 22, 2021

Jkt 253001

references to the $10 billion asset threshold with cross-references to the threshold, as temporarily modified, in part 702.
B. Reservation of Authority The temporary regulatory relief described previously is generally available to FICUs that otherwise would have crossed the tier I, II, or III
thresholds in part 702 or become subject to ONES supervision. However, there may be limited instances in which such regulatory relief would be inappropriate. To address such situations, the Board may use existing reservations of authority in part 702 to designate a FICU as subject to ONES
supervision or a tier I, II, or III credit union. When making any such determination, the Board would consider all relevant factors affecting the FICUs safety and soundness, including, but not limited to, the extent of asset growth of the FICU since March 31, 2020; the causes of such growth, including whether growth occurred as a result of mergers or purchase and assumption transactions; whether such growth is likely to be temporary or permanent; whether the FICU has become involved in any additional activities since March 31, 2020, and, if so, the risk of such activities; and the type of assets held by the FICU. In particular, as noted in the preceding sentence, the NCUA will consider whether the FICU crossed the threshold due to a merger or purchase and assumption transaction that significantly increases the FICUs asset size. Asset growth that occurs as a result of a merger or purchase and assumption transaction is planned, unlike the growth that many FICUs have experienced since the beginning of the COVID19 Pandemic. FICUs crossing a regulatory threshold as a result of a merger or purchase and assumption transaction therefore have had the opportunity to plan and prepare for the change in regulatory requirements. The Board notes that it may designate a FICU as a tier I, II, or III credit union even in the absence of a merger or purchase and assumption transaction, as significant asset growth at a FICU may reflect a material change in the business model, risk profile, or complexity of the FICU. Nonetheless, the NCUA expects to apply the reservation of authority only in limited circumstances.
C. Request for Comments The Board seeks comment on all aspects of this interim final rule. In particular, the Boards seeks comment on the duration of the temporary regulatory relief and on the advantages and
PO 00000

Frm 00003

Fmt 4700

Sfmt 4700

15399

disadvantages of using an alternative measurement date. Commenters are invited to describe other dates and the advantages and disadvantages of any such dates.
III. Regulatory Procedures A. Administrative Procedure Act The Board is issuing this interim final rule without prior notice and the opportunity for public comment and the delayed effective date ordinarily prescribed by the Administrative Procedure Act APA. Pursuant to section 553bB of the APA, general notice and the opportunity for public comment are not required with respect to a rulemaking when an agency for good cause finds and incorporates the finding and a brief statement of reasons therefor in the rules issued that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest.
The Board believes that the public interest is best served by implementing the interim final rule immediately upon publication in the Federal Register. As discussed previously, the interim final rule provides temporary regulatory relief to FICUs crossing certain regulatory asset thresholds in 2020 and 2021. Many FICUs have experienced dramatic and unexpected increases in their balance sheets as a result of their efforts to support the economy during the ongoing COVID19 Pandemic. The interim final rule facilitates the ability of FICUs to temporarily defer the implementation of certain regulatory thresholds that would not have been applicable had the FICUs not experienced this balance sheet growth.
Therefore, the interim final rule temporarily exempts FICUs from new requirements that may have otherwise been applicable due to growth. The interim final rule does not impose any requirements on any FICUs.
The Board believes that the public interest is best served by making the interim final rule effective immediately upon publication in the Federal Register. The Board believes that issuing the interim final rule will ensure that FICUs will not be unnecessarily required to immediately comply with certain threshold-based regulatory standards given the FICUs unexpected growth and likely long-term risk profile and activities. The interim final rule also will provide FICUs time to comply with new threshold-based regulatory standards and avoid unexpected and unplanned costs, allowing the FICU to continue to focus on the provision of affordable credit to members during this time of economic stress. In addition, the
E:FRFM23MRR1.SGM

23MRR1