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Federal Register / Vol. 86, No. 123 / Wednesday, June 30, 2021 / Proposed Rules High Quality Liquid Assets in LCR
As discussed above, the FBRAs HQLA allowed in the LCR differ from liquid assets allowed in FCAs liquidity regulation. To evaluate this further, we are seeking comment to determine if we propose an LCR, should FCA consider aligning FCAs liquid assets with the LCRs HQLA.
30. If FCA proposes an LCR, should we replace the current list of eligible instruments for the liquidity reserve with a list that is more closely aligned to the FBRAs HQLA instrument list excluding common equities? Please explain.
a. Should FCAs liquidity regulation continue to allow FCS banks to hold in their liquidity reserve instruments that are currently excluded from the FBRAs HLQA list? Which instruments and why?
b. Should FCA allow FCS banks to hold in their liquidity reserves instruments that are included in the FBRAs HLQA list, but are currently excluded from FCAs liquidity regulation? Which instruments and why?

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Net Stable Funding Ratio Applicability The BCBS introduced the NSFR to require banks to maintain a stable funding profile to reduce the likelihood that disruptions in a banks regular sources of funding will erode its liquidity position that may increase its risk of failure. Furthermore, during periods of financial stress, financial institutions without stable funding sources may be forced to monetize assets in order to meet their obligations, which may drive down asset prices and compound liquidity issues. The NSFR
implements a standardized quantitative metric designed to limit maturity mismatches and applies favorable factors to a commercial banks primary funding sourcedeposits. The NSFR
requires a bank to maintain an amount of available stable funding ASF that is not less than the amount of its required stable funding RSF on an ongoing basis. ASF and RSF are calculated based on the liquidity characteristics of a banks assets, derivative exposures, commitments, liabilities, and equity over a one-year time horizon.
The NSFR and its corresponding factors adopted by the FBRAs were established to measure and maintain the stability of the funding profiles of banking organizations that rely primarily on deposits. In contrast, FCS
banks issue System-wide debt securities as the primary source for funding its operations. The System would potentially need to modify its funding
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structure to meet an NSFR by incorporating more long-term debt issuances. To evaluate this further, we are seeking comment to determine if the NSFR is applicable to the Systems funding structure, authorities, and mission.
31. What core principles would be most important in FCAs consideration of the NSFR? How does the cooperative and non-depository structure of the System relate to the NSFR?
32. How could NSFR metrics replace any existing regulations, to ensure System banks have sufficiently stable liabilities and regulatory capital to support their assets and commitments over a one-year time horizon?
33. Is it beneficial or detrimental to replace existing regulations with NSFR
metrics and why?
Other Considerations The BCBS developed the Basel NSFR
standard as a longer-term balance sheet funding metric to complement the Basel LCR standards short-term liquidity stress metric. In developing the Basel NSFR standard, the FBRAs and their international counterparts in the BCBS
considered a number of possible funding metrics.49 The Basel guidance and FBRAs NSFR regulation incorporated consideration of these and other funding risks.50
34. What other approaches or methodologies to measuring and regulating liquidity not discussed above should FCA consider and why?
C. Other Comments Requested We welcome comments on every aspect of this advance notice of proposed rulemaking. We encourage any interested persons to identify and raise issues pertaining to other aspects of the liquidity framework for FCS
banks and associations that we did not address in this ANPRM. Please designate such comments as Other Relevant Issues.

Dated: June 10, 2021.
Dale Aultman, Secretary, Farm Credit Administration Board.
FR Doc. 202113556 Filed 62921; 8:45 am BILLING CODE 670501P
49 For example, the BCBS considered the traditional cash capital measure, which compares the amount of a firms long-term and stable sources of funding to the amount of the firms illiquid assets. The BCBS found that this cash capital measure failed to account for material funding risks, such as those related to off-balance sheet commitments and certain on-balance sheet shortterm funding and lending mismatches.
50 See 86 FR 9120 February 11, 2021. See supra footnote 19.

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DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration 14 CFR Part 39
Docket No. FAA20210504; Project Identifier AD202001380T
RIN 2120AA64

Airworthiness Directives; The Boeing Company Airplanes Federal Aviation Administration FAA, DOT.
ACTION: Notice of proposed rulemaking NPRM.
AGENCY:

The FAA proposes to supersede Airworthiness Directive AD
20190326, which applies to certain The Boeing Company Model 737600, 700, 700C, 800, 900, and 900ER
series airplanes. AD 20190326
requires modifying the passenger service units PSUs and life vest panels by replacing the existing inboard lanyard and installing two new lanyards on the outboard edge of the PSUs and life vest panels; measuring the distance between the hooks of the torsion spring of the lanyard assembly; replacing discrepant lanyard assemblies; and reidentifying serviceable lanyard assemblies. Since the FAA issued AD
20190326, it has been determined that certain airplanes are listed in the wrong configuration and certain PSUs have not been correctly re-identified. This proposed AD would retain the requirements of AD 20190326, and, for certain airplanes, would require an inspection to determine if the reidentified PSU part number is correct, and further re-identification if necessary. The FAA is proposing this AD to address the unsafe condition on these products.
DATES: The FAA must receive comments on this proposed AD by August 16, 2021.
SUMMARY:

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, M30, 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.

ADDRESSES:

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