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Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Rules and Regulations adhere to fundamental federalism principles. The final rule applies to all federally insured natural-person credit unions, including federally insured, state-chartered natural-person credit unions. Accordingly, the Final Rule 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 believes this impact is minor, and it is an unavoidable consequence of executing the statutory mandate to adopt a system of PCA to apply to all federally insured, natural-person credit unions. The NCUA has consulted with representatives of state regulators regarding the impact of the final rule during the rulemaking process.
D. Assessment of Federal Regulations and Policies on Families The NCUA has determined that this 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.

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E. Small Business Regulatory Enforcement Fairness Act The Small Business Regulatory Enforcement Fairness Act of 1996
SBREFA generally provides for congressional review of agency rules.108
A reporting requirement is triggered in instances where the NCUA issues a final rule as defined in the Administrative Procedure Act.109 Besides being subject to congressional oversight, an agency rule may also be subject to a delayed effective date if it is a major rule. As required by SBREFA, the NCUA will submit this final rule to the Office of Management and Budget for it to determine if it 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.
F. Administrative Procedure Act The Administrative Procedure Act typically requires a 30-day delayed effective date, except for 1 substantive rules which grant or recognize an exemption or relieve a restriction; 2
interpretative rules and statements of policy; or 3 as otherwise provided by the agency for good cause.110 Because qualifying complex credit unions that opt into the CCULR framework under 108 5

U.S.C. 551.

109 Id.
110 5

U.S.C. 553d.

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the final rule are exempt from compliance with the 2015 Final Rule, the final rule is exempt from the Administrative Procedure Acts delayed effective date requirement.
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 December 16, 2021.
Melane Conyers-Ausbrooks, Secretary of the Board.

For the reasons stated in the preamble, the NCUA amends 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. Amend 702.2 by:
a. Adding in alphabetical order the definitions of CCULR;
b. Revising the definition of Consumer Loan, c. Adding in alphabetical order the definition of Credit derivative;
d. Revising the definitions of Current, Derivative contract, Derivatives Clearing Organization, Excluded goodwill, Excluded other intangible assets;
e. Adding in alphabetical order the definitions of Forward agreement, Multilateral development bank;
f. Revising the definition of Net worth ratio;
g. Adding in alphabetical order the definition of Non-security beneficial interest;
h. Revising the definition of Offbalance sheet exposure, Off-balance sheet items;
i. Adding in alphabetical order the definition of Repurchase transaction, j. Revising the definitions of Swap dealer, and Total assets; and k. Adding in alphabetical order the definitions Trading assets, Trading liabilities, and Unconditionally cancelable.
The revisions and additions 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.

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Consumer loan means a loan or lease for household, family, or other personal expenditures, including any loans or 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.

Excluded goodwill means the outstanding balance, maintained in accordance with GAAP, of any goodwill originating from a supervisory merger or combination that was completed on or before December 28, 2015.
Excluded other intangible assets means the outstanding balance, maintained in accordance with GAAP, of any 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.

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
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