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Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Rules and Regulations
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criteria. This change aligns the treatment of goodwill in CCULR with the treatment in risk-based capital. For additional discussion on this change, see Section B. Qualifying Complex Credit Unions.
The final rule also amends the treatment of goodwill under the 2015
Final Rule. Specifically, the final rule removes the 2029 sunset date for excluded goodwill and excluded other intangible assets. Under the final rule, credit unions will not be required to deduct excluded goodwill from the riskbased capital numerator, even after January 1, 2029. Credit unions would not be required to deduct other intangible assets such as core deposit intangible, member relationship intangible, or trade name intangible originating from a supervisory merger or combination that was completed on or before December 28, 2015. The Board believes credit unions that previously supported the NCUSIF by assisting in supervisory mergers should not be penalized for these decisions.
Specifically, the Board is amending the 2015 Final Rule in response to commenters concerns relating to the deduction of excluded goodwill from the risk-based capital numerator after the completion of supervisory mergers.
The Board does not believe the subsequent change in capital treatment will unduly penalize credit unions.
M. Technical Amendments The final rule includes several technical amendments to part 702, including some discussed in the proposed rule and others that the Board has identified in finalizing this rule.
First, the definition of total assets in 12
CFR 702.2 is amended to carry forward the PPP-related change made in the 2020 interim final rule. Specifically, under the final rule, the definition of total assets would be amended to explicitly state that PPP loans pledged to the Federal Reserve Boards PPP
Lending Facility to support PPP lending are excluded from the definition of total assets.104 This 2020 interim final rule made this change to the definition of total assets in the currently effective version of 12 CFR 702.2, but did not make the change to the definition of total assets as implemented by the 2015
Final Rule. This technical correction will ensure the definition carries past 2021 as intended. The definition will also include an amended citation. The 2015 Final Rule stated that, for each 104 Specifically, the 2020 interim final rule updated the currently effective 702.2 and the definition of total assets, however, the interim final rule did not update the definition of total assets that will be effective January 1, 2022.

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quarter, a credit union must elect one of the measures of total assets to apply except for 12 CFR 702.103 through 702.106 risk-based capital requirement. The exception should be for 12 CFR 702.103 through 702.105.
This change has been made in the final rule.
The second technical amendment adjusts the definition of the net worth ratio from the 2015 Final Rule. The change clarifies that the net worth ratio is rounded to two decimal places, but the rounding occurs only after the ratio is expressed as percentage.
The final rule also includes two technical amendments to 12 CFR part 703 that were included in the proposed rule. Both amendments make minor corrections related to the 2015 Final Rule. The Board received no comment on the proposed amendments and is finalizing them without change.
N. Other Comments Beyond the Scope of the Proposed Rule Several commenters offered recommendations that went beyond the scope of the proposed changes to the 2015 Final Rule. For example, several commenters recommended the Board consider rescinding or delaying the 2015 Final Rule. The Board continues to believe the current risk-based net worth standards have weaknesses and revised standards with enhanced risk sensitivity are appropriate for complex credit unions. The Board is not currently rescinding the 2015 Final Rule.
Delaying the 2015 Final Rule is also outside the scope of the proposed rule, which did not discuss amending the effective date of the 2015 Final Rule.
Also, the Board continues to believe that a delay to the effective date of the 2015
Final Rule is unnecessary, as discussed previously.
Another commenter recommended the Board consider refinements to the subordinated debt framework contemporaneously with changes to the risk-based capital rule. Neither the subordinated debt final rule nor the 2015 Final Rule are yet effective. The Board will separately monitor implementation of the subordinated rule and consider any appropriate changes in the future.
Other commenters urged the Board to eliminate the higher risk-weighting for concentrations of first-lien mortgages, junior-lien mortgages, MSAs, and commercial loans. One commenter stated these concentration limits are not generally comparable to the risk-based capital rules of the other banking agencies or the Basel Framework. One commenter requested investments in CUSOs be risk-weighted at no more than
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100 percent. Another commenter stated MSAs should not be subject to a higher risk weight under the risk-based capital rule, which is currently 250 percent.
The commenter recommended 150
percent. The Board believes these recommendations are beyond the scope of the proposed rule. As discussed previously, amendments to risk-weights can be considered anytime in the future by the Board, or during the Boards regular process to review regulations every three years.
V. Regulatory Procedures A. Regulatory Flexibility Act The Regulatory Flexibility Act 105
requires the NCUA to prepare an analysis describing any significant economic impact a regulation may have on a substantial number of small entities primarily those under $100 million in assets.106 This final rule affects 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 under $100 million in total assets would not be affected by this final rule.
Accordingly, the NCUA certifies this final rule does not have a significant economic impact on 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 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 final rule will revise existing information collection requirements to the Call Report Office of Management and Budget control number 31330004.
These revisions will be addressed in a separate Federal Register notice and will be submitted for approval by the Office of Information and Regulatory Affairs at the Office of Management and Budget.
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.107 The NCUA, an independent regulatory agency, as defined in 44 U.S.C. 35025, voluntarily complies with the executive order to 105 5

U.S.C. 601 et seq.
U.S.C. 603a.
107 64 FR 43255 Aug. 4, 1999.
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