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Federal Register / Vol. 86, No. 155 / Monday, August 16, 2021 / Proposed Rules d Complex Credit Union Leverage Ratio CCULR Framework. 1 General.
A qualifying complex credit union that has opted into the CCULR framework under paragraph d5 of this section is considered to have met the capital ratio requirements for the well capitalized capital category under 702.102a1 if it has a CCULR of 10 percent or greater, subject to the transition provisions in paragraph d8 of this section.
2 Qualifying Complex Credit Union.
For purposes of this part, a qualifying complex credit union means a complex credit union under 702.103 that satisfies all of the following criteria:
i Has a CCULR of 10 percent or greater, subject to the transition provisions in paragraph d8 of this section;
ii Has total off-balance sheet exposures of 25 percent or less of its total assets;
iii Has the sum of total trading assets and total trading liabilities of 5 percent or less of its total assets; and iv Has the sum of total goodwill, including goodwill that meets the definition of excluded goodwill, and total other intangible assets, including intangible assets that meet the definition of excluded other intangible assets, of 2
percent or less of its total assets.
3 Calculation of Qualifying Criteria.
Each of the qualifying criteria in paragraph d2 of this section is calculated based on data reported in the Call Report as of the end of the most recent calendar quarter.
4 Calculation of the CCULR. A
qualifying complex credit union opting into the CCULR framework under this paragraph d calculates its CCULR in the same manner as its net worth ratio under 702.2.
5 Opting into the CCULR
Framework. i A qualifying complex credit union may opt into the CCULR
framework by completing the applicable reporting requirements of its Call Report.
ii A qualifying complex credit union can opt into the CCULR framework at the end of each calendar quarter.
6 Opting Out of the CCULR
Framework. i A qualifying complex credit union may voluntarily opt out of the framework with prior written notification to the appropriate Regional Director or the Director of the Office of National Examinations and Supervision.
ii The notification must be submitted at least 30 days before the end of the calendar quarter that the credit union will report its risk-based capital ratio under paragraphs a through c of this section.
iii The notification must include:

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A A statement of intent explaining why the qualifying complex credit union is opting out of the CCULR
framework.
B A copy of board meeting minutes showing that the credit unions board of directors was notified of the CCULR
framework opt out election.
C The calendar quarter that the qualifying complex credit union will begin calculating its risk-based capital ratio under paragraphs a through c of this section. The earliest a complex credit union may begin calculating a risk-based capital ratio is the calendar quarter it submits its notification.
D A risk-based capital ratio calculation Call Report schedule that includes the required information for a complex credit union calculating its risk-based capital ratio under paragraphs a through c of this section. The data must be as of the end of the most recent calendar quarter.
7 Treatment when ceasing to meet the qualifying complex credit union requirements. i If a qualifying complex credit union that has opted into the CCULR framework ceases to meet the qualifying criteria in paragraph d2 of this section, the credit union has two calendar quarters grace period either to satisfy the requirements to be a qualifying complex credit union or to calculate its risk-based capital ratio under paragraphs a through c of this section.
ii The grace period begins at the end of the calendar quarter in which the credit union no longer satisfies the criteria to be a qualifying complex credit union. The grace period ends on the last day of the second consecutive calendar quarter following the beginning of the grace period.
iii During the grace period, the credit union continues to be treated as a qualifying complex credit union for the purpose of this part and must continue calculating and reporting its CCULR, unless the qualifying complex credit union has opted out of using the CCULR framework under paragraph d6 of this section. The qualifying complex credit union also continues to be considered to have met the capital ratio requirements for the well capitalized capital category under 702.102a1. However, if the qualifying complex credit union has a CCULR of less than seven percent it will not be considered to have met the capital ratio requirements for the well capitalized capital category under 702.102a1 and its capital classification is determined by its net worth ratio.
ivA A qualifying complex credit union that is likely to not meet the
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requirements to be a qualifying complex credit union by the end of the grace period must submit written notification to the appropriate Regional Director or the Director of the Office of National Examinations and Supervision. The notification must be submitted at least 30 days before the end of the grace period and state that the credit union may cease to meet the requirements to be a qualifying complex credit union.
B The notification must provide the reason for the potential disqualification.
C The notification must include a copy of the board meeting minutes showing that the credit unions board of directors was notified that the credit union might cease to meet the qualifying complex credit union requirements.
D The notification must include a risk-based capital ratio calculation Call Report schedule that includes the required information for a credit union calculating its risk-based capital ratio under paragraphs a through c of this section. The data must be as of the end of the most recent calendar quarter.
v A qualifying complex credit union that ceases to meet the qualifying criteria in paragraph d2 of this section as a result of a merger or acquisition has no grace period and must comply with the risk-based capital ratio under paragraphs a through c of this section in the quarter it ceases to be a qualifying complex credit union.
8 Transition Provisions. i From January 1, 2022, to December 31, 2022, a complex credit union that has opted into the CCULR framework under paragraph d5 of this section, must have a CCULR of 9 percent or greater.
ii From January 1, 2023, to December 31, 2023, a complex credit union that has opted into the CCULR
framework under paragraph d5 of this section, must have a CCULR of 9.5
percent or greater.
iii After January 1, 2024, a complex credit union that has opted into the CCULR framework under paragraph d5 of this section, must have a CCULR of 10 percent or greater.
e Reservation of Authority. The NCUA may require a complex credit union that otherwise would meet the definition of a qualifying complex credit union to comply with the risk-based capital ratio under paragraphs a through c of this section if the NCUA
determines that the complex credit unions capital requirements under paragraph d of this section are not commensurate with its risks. Any credit union required to comply with the riskbased capital ratio under this paragraph e, would be permitted a minimum of a two-quarter grace period before being
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