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Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Rules and Regulations By the NCUA Board on December 16, 2021.
Melane Conyers-Ausbrooks, Secretary of the Board.

For the reasons discussed in the preamble, the NCUA is amending 12
CFR parts 702 and 741, as amended by 86 FR 11060 Feb. 23, 2021 and effective on January 1, 2022, as follows:
PART 702CAPITAL ADEQUACY
1. The authority citation for part 702
continues to read as follows:

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

2. In 702.2 revise the definitions of Grandfathered Secondary Capital and Regulatory Capital to read as follows:

702.2

Definitions.

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Grandfathered Secondary Capital means any secondary capital issued under 701.34 of this chapter, before January 1, 2022 or, in the case of a federally insured, state-chartered credit union, with 741.204c of this chapter, before January 1, 2022. 12 CFR 701.34
was recodified as 702.414 as of January 1, 2022. This term also includes issuances of secondary capital to the U.S. Government or any of its subdivisions, under applications approved before January 1, 2022, pursuant to 701.34 or 741.204c of this chapter, irrespective of the date of issuance.

Regulatory Capital means:
1 With respect to an Issuing Credit Union that is a LICU and not a complex credit union, the aggregate outstanding principal amount of Subordinated Debt and, until the later of 20 years from the date of issuance or January 1, 2042, Grandfathered Secondary Capital that is included in the credit unions net worth ratio;
2 With respect to an Issuing Credit Union that is a complex credit union and not a LICU, the aggregate outstanding principal amount of Subordinated Debt that is included in the credit unions RBC Ratio;
3 With respect to an Issuing Credit Union that is both a LICU and a Complex Credit Union, the aggregate outstanding principal amount of Subordinated Debt and, until the later of 20 years from the date of issuance or January June 1, 2042, Grandfathered Secondary Capital that is included in its net worth ratio and in its RBC Ratio; and 4 With respect to a new credit union, the aggregate outstanding principal amount of Subordinated Debt and, until the later of 20 years from the date of issuance or January 1, 2042,
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Grandfathered Secondary Capital that is considered pursuant to 702.207.

3. Revise 702.401 to read as follows:
702.401

Purpose and scope.

a Subordinated Debt. This subpart sets forth the requirements applicable to all Subordinated Debt issued by a federally insured, natural person credit union, including the NCUAs review and approval of that credit unions application to issue or prepay Subordinated Debt. This subpart shall apply to a federally insured, statechartered credit union only to the extent that such federally insured, statechartered credit union is permitted by applicable state law to issue debt instruments of the type described in this subpart. To the extent that such state law is more restrictive than this subpart with respect to the issuance of such debt instruments, that state law shall apply.
Except as provided in the next sentence, any secondary capital, as that term is used in the Federal Credit Union Act, issued after January 1, 2022, is Subordinated Debt and subject to the requirements of this subpart. Issuances of secondary capital, as that term is used in the Federal Credit Union Act, to the U.S. Government or any of its subdivisions, under applications approved before January 1, 2022, pursuant to 701.34 or 741.204c of this chapter, are not subject to the requirements applicable to Subordinated Debt, discussed elsewhere in this subpart, irrespective of the date of issuance.
b Grandfathered Secondary Capital.
Any secondary capital defined as Grandfathered Secondary Capital, under 702.402, is governed by 702.414. Grandfathered Secondary Capital will no longer be treated as Regulatory Capital as of the later of 20
years from the date of issuance or January 1, 2042.
4. In 702.402 revise the definition for Grandfathered Secondary Capital to read as follows:
702.402

Definitions.

Grandfathered Secondary Capital means any secondary capital issued under 701.34 of this chapter before January 1, 2022, or, in the case of a federally insured, state-chartered credit union, with 741.204c of this chapter, before January 1, 2022. 12 CFR 701.34
was recodified as 702.414 as of January 1, 2022. This term also includes issuances of secondary capital to the U.S. Government or any of its subdivisions, under applications
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approved before January 1, 2022, pursuant to 701.34 or 741.204c of this chapter, irrespective of the date of issuance.

5. In 702.414 revise the introductory paragraph and paragraph a2 to read as follows:

702.414 Regulations governing Grandfathered Secondary Capital.

This section recodifies the requirements from 12 CFR 701.34b, c, and d that were in effect as of December 31, 2021, with minor modifications. The terminology used in this section is specific to this section.
Except as provided in the next sentence, all secondary capital issued under 701.34 of this chapter before January 1, 2022, or, in the case of a federally insured, state-chartered credit union, 741.204c of this chapter, that is referred to elsewhere in this subpart as Grandfathered Secondary Capital, is subject to the requirements set forth in this section. Issuances of secondary capital to the U.S. Government or any of its subdivisions, under applications approved before January 1, 2022, pursuant to 701.34 or 741.204c of this chapter, are also considered Grandfathered Secondary Capital irrespective of the date of issuance.

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2 Issuances not completed before January 1, 2022. Except as provided in the next sentence, any issuances of secondary capital not completed by January 1, 2022, are, as of January 1, 2022, subject to the requirements applicable to Subordinated Debt discussed elsewhere in this subpart.
Issuances of secondary capital to the U.S. Government or any of its subdivisions, under applications approved before January 1, 2022, pursuant to 701.34 or 741.204c of this chapter, are not subject to the requirements applicable to Subordinated Debt, discussed elsewhere in this subpart, irrespective of the date of issuance.

PART 741REQUIREMENTS FOR
INSURANCE
6. The authority citation for part 741
continues to read as follows:

Authority: 12 U.S.C. 1757, 1766a, 1781
1790, and 1790d; 31 U.S.C. 3717.

7. Amend 741.204 by revising paragraph c to read as follows:

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