---
kind: "section"
citation: "12 C.F.R. § 702.702"
title: "12"
number: "702.702"
heading: "Definitions."
url: "https://uscodex.org/cfr/12/702.702"
---

# §702.702. Definitions.


In addition to the definitions set forth in [§ 702.2](/cfr/12/702.2.md), 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)](/cfr/12/702.703.md?p=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

### 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.