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Federal Register / Vol. 86, No. 155 / Monday, August 16, 2021 / Proposed Rules
IV. Regulatory Procedures A. Regulatory Flexibility Act The Regulatory Flexibility Act 126
requires the NCUA to prepare an analysis to describe any significant economic impact a regulation may have on a substantial number of small entities primarily those under $100 million in assets.127 This proposed rule would affect only credit unions with over $500
million in assets, which are subject to the 2015 Final Rule and the 2018
Supplemental Rule when they go into effect in January 2022. As a result, credit unions with $100 million or less in total assets would not be affected by this proposed rule. Accordingly, the NCUA
certifies that this proposed rule would not have a significant economic impact on substantial number of small credit unions.

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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 amends an existing burden. For purposes of the PRA, a paperwork burden may take the form of a reporting, disclosure or recordkeeping requirement, each referred to as an information collection. The proposed 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.
C. Executive Order 13132 on Federalism Executive Order 13132 encourages independent regulatory agencies to consider the impact of their actions on state and local interests.128 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 proposed rule will apply to all federally insured natural-person credit unions, including federally insured, state-chartered natural-person credit unions. Accordingly, it may have, to some degree, a direct effect 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 126 5

U.S.C. 601 et seq.
U.S.C. 603a.
128 64 FR 43255 Aug. 4, 1999.
127 5

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believes this impact is minor, and it is an unavoidable consequence of carrying out the statutory mandate to adopt a system of PCA to apply to all federally insured, natural-person credit unions.
Throughout the rulemaking process, however, NCUA has consulted with representatives of state regulators regarding the impact of the proposed rule.
D. Assessment of Federal Regulations and Policies on Families The NCUA has determined that this proposed rule would not affect family well-being within the meaning of section 654 of the Treasury and General Government Appropriations Act, 1999, Public Law 105277, 112 Stat. 2681
1998.
List of Subjects 12 CFR Part 702
Credit unions, Reporting and recordkeeping requirements.
12 CFR Part 703
Credit unions, Investments, Reporting and recordkeeping requirements.
By the National Credit Union Administration Board on July 22, 2021.
Melane Conyers-Ausbrooks, Secretary of the Board.

For the reasons stated in the preamble, the NCUA proposes to amend 12 CFR parts 702 and 703, as follows:
PART 702CAPITAL ADEQUACY
1. The authority for part 702
continues to read as follows:

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

2. In 702.2, revise the definitions of Consumer Loan, Current, Derivative contract, Derivatives Clearing Organization, Off-balance sheet exposure, Off-balance sheet items, and Swap dealer and add definitions of CCULR, Credit derivative, Forward agreement, Multilateral development bank, Non-security beneficial interest Repurchase transaction, Trading assets, Trading liabilities, and Unconditionally cancelable, in alphabetical order, to read as follows:

702.2

Definitions.

CCULR means the complex credit union leverage ratio. It is calculated in the same manner as the net worth ratio under 702.2.

Consumer loan means a loan or lease for household, family, or other personal expenditures, including any loans or
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leases that, at origination, are wholly or substantially secured by vehicles generally manufactured for personal, family, or household use regardless of the purpose of the loan or lease.
Consumer loan excludes commercial loans, loans to CUSOs, firstand juniorlien residential real estate loans, and loans for the purchase of one or more vehicles to be part of a fleet of vehicles.

Credit derivative means a financial contract executed under standard industry credit derivative documentation that allows one party the protection purchaser to transfer the credit risk of one or more exposures reference exposures to another party the protection provider for a certain period of time.

Current means, with respect to any loan or lease, that the loan or lease is less than 90 days past due, not placed on non-accrual status, and not restructured.

Derivative contract means a financial contract that derives its value from the value and performance of some other underlying financial instrument or variable, such as an index or interest rate.
Derivatives Clearing Organization has the meaning as defined by the Commodity Futures Trading Commission CFTC in 17 CFR 1.3.

Forward agreement means a legally binding contractual obligation to purchase assets with certain drawdown at a specified future date, not including commitments to make residential mortgage loans or forward foreign exchange contracts.

Multilateral development bank MDB
means the International Bank for Reconstruction and Development, the Multilateral Investment Guarantee Agency, the International Finance Corporation, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the European Investment Fund, the Nordic Investment Bank, the Caribbean Development Bank, the Islamic Development Bank, the Council of Europe Development Bank, and any other multilateral lending institution or regional development bank in which the U.S. government is a shareholder or contributing member.

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