§702.702. Definitions.
12 C.F.R. § 702.702
In addition to the definitions set forth in § 702.2, the following definitions apply to this subpart:
CECL transitional amount means the decrease of a credit union's retained earnings resulting from its adoption of CECL, as determined pursuant to § 702.703(b).
Current Expected Credit Losses (CECL) means the current expected credit losses methodology under GAAP.
Transition period means the 12-quarter reporting period beginning the first day of the fiscal year in which the credit union adopts CECL.
Notes, amendments, and revision history
Source
Source: 86 FR 34932, July 1, 2021, unless otherwise noted.
Authority
Authority: 12 U.S.C. 1757(9), 1766(a), 1784(a), 1786(e), 1790d.
Source
Source: 65 FR 8584, Feb. 18, 2000, unless otherwise noted.