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Federal Register / Vol. 86, No. 155 / Monday, August 16, 2021 / Proposed Rules
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Parts 702 and 703
NCUA20210072
RIN 3133AF12

Capital Adequacy: The Complex Credit Union Leverage Ratio; Risk-Based Capital National Credit Union Administration NCUA.
ACTION: Proposed rule.
AGENCY:

The NCUA is seeking comment on a proposed rule that would provide a simplified measure of capital adequacy for federally insured, naturalperson credit unions credit unions classified as complex those with total assets greater than $500 million. Under the proposed rule, a complex credit union that maintains a minimum net worth ratio, and that meets other qualifying criteria, will be eligible to opt into the complex credit union leverage ratio CCULR framework. The minimum net worth ratio would initially be established at 9 percent on January 1, 2022, and be gradually increased to 10 percent by January 1, 2024. A complex credit union that opts into the CCULR framework would not be required to calculate a risk-based capital ratio under the Boards October 29, 2015, risk-based capital final rule, as amended on October 18, 2018. A
qualifying complex credit union that opts into the CCULR framework and that maintains the minimum net worth ratio would be considered well capitalized. The proposed rule would also make several amendments to update the NCUAs October 29, 2015, risk-based capital final rule, including addressing asset securitizations issued by credit unions, clarifying the treatment of off-balance sheet exposures, deducting certain mortgage servicing assets from a complex credit unions risk-based capital numerator, updating several derivative-related definitions, and clarifying the definition of a consumer loan.
DATES: Comments must be received on or before October 15, 2021.
ADDRESSES: You may submit comments using one of the following methods please do not send the same comments via two or more methods:
Federal eRulemaking Portal: http
www.regulations.gov. The docket number for this proposed rule is NCUA
20210072. Follow the instructions for submitting comments.
Fax: 703 5186319. Include Your name Comments on Capital
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Adequacy: The Complex Credit Union Leverage Ratio, Amendments to RiskBased Capital, and other Technical Amendments in the transmittal.
Mail: Address to Melane ConyersAusbrooks, Secretary of the Board, National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 223143428.
Hand Delivery/Courier: Same as mail address.
Public Inspection: All public comments are available on the Federal eRulemaking Portal at: http
www.regulations.gov as submitted, except where technical limitations make posting the comments on the portal impossible. Public comments will not be edited to remove any identifying or contact information. Due to social distancing measures in effect, the usual opportunity to inspect paper copies of comments in the NCUAs law library is not currently available. After social distancing measures are relaxed, visitors may make an appointment to review paper copies by calling 703 5186540
or emailing OGCMail@ncua.gov.
FOR FURTHER INFORMATION CONTACT:
Policy and Accounting: Thomas Fay, Director, Division of Capital Markets, Office of Examination and Insurance, at 703 5181179;
Legal: Rachel Ackmann, at 703 623
9363 or Ariel Pereira, at 703 5482778;
or by mail at National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 22314.
SUPPLEMENTARY INFORMATION:
Table of Contents I. Background A. The NCUAs Risk-Based Capital Requirements B. The Other Banking Agencies Risk-Based Capital and CBLR Framework C. The NCUAs Advance Notice of Proposed Rulemaking II. Legal Authority III. Proposed Rule A. Overview of the CCULR Framework B. Qualifying Complex Credit Unions C. The CCULR Ratio D. Calibration of the CCULR
E. Opting Into the CCULR Framework F. Voluntarily Opting Out of the CCULR
Framework G. Compliance With the Proposed Criteria to Be a Qualifying Complex Credit Union H. Treatment of a Qualifying Complex Credit Union That Falls Below the CCULR Requirement I. Transition Provision J. Reservation of Authority K. Effect of the CCULR on Other Regulations L. Illustrative Reporting Forms To Support the CCULR
M. Amendments to the 2015 Final Rule N. Technical Amendments O. Illustrative Reporting Forms for RiskBased Capital
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IV. Regulatory Procedures A. Regulatory Flexibility Act B. Paperwork Reduction Act C. Executive Order 13132 on Federalism D. Assessment of Federal Regulations and Policies on Families
I. Background A. The NCUAS Risk-Based Capital Requirements The NCUAs mission is to ensure the safety and soundness of federally insured credit unions FICUs, in addition to carrying out other statutory responsibilities. The NCUA performs this function by examining and supervising federally chartered credit unions FCUs, participating in the examination and supervision of federally insured, state-chartered credit unions FISCUs in coordination with state regulators, and insuring members accounts at all FICUs up to the limits prescribed by statute.
Capital adequacy standards are an important prudential tool to ensure the safety and soundness of individual credit unions and the credit union system as a whole. Capital serves as a buffer for credit unions to prevent institutional failure and dramatic deleveraging during times of stress.
During a financial crisis, a buffer can mean the difference between the survival or failure of a financial institution. Higher levels of capital insulate credit unions from the effects of unexpected adverse developments in their financial condition, reduce the probability of a systemic crisis, allow credit unions to continue to serve as credit providers during times of stress without government intervention, and produce benefits that outweigh the associated costs.
Following the 20072009 recession, the NCUA substantially reevaluated its capital adequacy standards, which are codified in 12 CFR part 702 part 702.
On October 29, 2015, as amended on October 18, 2018, the Board published a final rule restructuring its capital adequacy regulations 2015 Final Rule.1
The effective date of the 2015 Final Rule was originally January 1, 2019. The overarching intent of the 2015 Final Rule was to reduce the likelihood that a relatively small number of high-risk credit unions would exhaust their capital and cause large losses to the National Credit Union Share Insurance Fund NCUSIF. Under the Federal Credit Union Act FCUA, FICUs are collectively responsible for replenishing losses to and capitalizing the NCUSIF.2
1 80 FR 66626 Oct. 29, 2015. See also, 83 FR
55467 Oct. 18, 2018.
2 See 12 U.S.C. 1782c. At the times the Board prescribes, subject to statutory parameters, the
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