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Federal Register / Vol. 86, No. 124 / Thursday, July 1, 2021 / Rules and Regulations
consult with relevant stakeholders, including the prudential regulators, FASB, and the SEC. 36 Among other recommendations, the report suggests that the prudential regulators monitor the use and impact of transitional relief granted, and extend or amend the relief, as necessary. 37 Further, the report provides that FASB, together with the prudential regulators, should examine the application of CECL to smaller lenders. The report highlights FICUs and community banks in this regard, noting that the NCUA and the FDIC
have separately asked for relief from FASB.38
This final rule is consistent with the Department of the Treasurys report, particularly with respect to the recommendation regarding transitional relief. The Board will continue to assess the impacts of CECL on regulatory capital and will consider these and any other future recommendations made by the Department of the Treasuryin taking further action to address the impacts of CECL implementation on the credit union industry.
VII. Regulatory Procedures
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A. Regulatory Flexibility Act The Regulatory Flexibility Act requires the NCUA to prepare an analysis to describe any significant economic impact a regulation may have on a substantial number of small entities.39 For purposes of this analysis, the NCUA considers small credit unions to be those having under $100 million in assets.40 The Board fully considered the potential economic impacts of the proposed phase-in on small credit unions during the development of the final rule. For example, the rule would, to the extents authorized by statute, completely exempt some of the smallest FICUs i.e., those with total assets less than $10 million from the adverse effects of CECL. Accordingly, NCUA
certifies that it would not have a significant economic impact on a substantial number of small credit unions.
B. Paperwork Reduction Act The Paperwork Reduction Act of 1995
PRA applies to rulemakings in which an agency by rule creates a new paperwork burden on regulated entities or increases an existing burden.41 For purposes of the PRA, a paperwork burden may take the form of a reporting, 37 Id.
38 Id.,
at pages 2829.
39 5 U.S.C. 603a.
40 80 FR 57512 Sept. 24, 2015.
41 44 U.S.C. 35013520.

15:54 Jun 30, 2021

SBREFA, the NCUA has submitted this final rule to the Office of Management and Budget OMB for it to determine if the final rule is a major rule for purposes of SBREFA. The NCUA also will file appropriate reports with Congress and the Government Accountability Office so this rule may be reviewed.

C. Executive Order 13132, on Federalism Executive Order 13132 42 encourages independent regulatory agencies to consider the impact of their actions on state and local interests. The NCUA, an independent regulatory agency, as defined in 44 U.S.C. 35025, voluntarily complies with the executive order to adhere to fundamental federalism principles. The final rule would not have substantial direct effects on the states, on the relationship between the national government and the states, or on the distribution of power and responsibilities among the various levels of government. The Board has therefore determined that this rule does not constitute a policy that has federalism implications for purposes of the executive order.

By the National Credit Union Administration Board, this 24th day of June 2021.
Melane Conyers-Ausbrooks, Secretary of the Board.

D. Assessment of Federal Regulations and Policies on Families The NCUA has determined that this final rule will not affect family wellbeing within the meaning of Section 654
of the Treasury and General Government Appropriations Act, 1999.43
E. Small Business Regulatory Enforcement Fairness Act The Small Business Regulatory Enforcement Fairness Act of 1996
SBREFA 44 generally provides for congressional review of agency rules. A
reporting requirement is triggered in instances where the NCUA issues a final rule as defined by section 551 of the Administrative Procedure Act.45 An agency rule, in addition to being subject to congressional oversight, may also be subject to a delayed effective date if the rule is a major rule. The NCUA does not believe this rule is a major rule within the meaning of the relevant sections of SBREFA. As required by 42 Executive Order 13132 on Federalism was signed by former President Clinton on August 4, 1999, and subsequently published in the Federal Register on August 10, 1999 64 FR 43255.
43 Public Law 105277, 112 Stat. 2681 1998.
44 Public Law 104121, 110 Stat. 147 1996.
45 5 U.S.C. 551.

36 Id.

VerDate Sep<11>2014

disclosure or recordkeeping requirement, each referred to as an information collection. The changes to part 702 may revise existing information collection requirements to the Call Report. Should changes be made to the Call Report, they will be addressed in a separate Federal Register notice. The revisions to the Call Report will be submitted for approval by the Office of Information and Regulatory Affairs at the Office of Management and Budget prior to their effective date.

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List of Subjects in 12 CFR Part 702
Credit unions, Investments, Reporting and recordkeeping requirements.

For the reasons discussed above, the NCUA amends 12 CFR part 702 as follows:
PART 702CAPITAL ADEQUACY
1. The authority citation for part 702
continues to read as follows:

Authority: 12 U.S.C. 1766a, 1790d.

2. Revise 702.402d1 to read as follows:

702.402 Full and Fair disclosure of financial condition.

d
1i Federally insured credit unions with total assets of $10 million or greater shall make charges for loan losses in accordance with generally accepted accounting principles GAAP;
ii Federally insured credit unions with total assets of less than $10 million shall make charges for loan losses in accordance either with either:
A Any reasonable reserve methodology incurred loss provided it adequately covers known and probable loan losses; or B In the case of Federally insured, State-chartered credit unions, any other applicable standard under State law or regulation;

3. Add subpart G, consisting of 702.701 through 702.703. to read as follows:
Subpart GCECL Transition Provisions Sec.
702.701
702.702
702.703
702.701

Authority, purpose, and scope.
Definitions.
CECL transition provisions.
Authority, purpose, and scope.

a Authority. This subpart is issued by the National Credit Union Administration Board pursuant to section 216 of the Federal Credit Union
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