[Federal Register Volume 85, Number 97 (Tuesday, May 19, 2020)]
[Rules and Regulations]
[Pages 29839-29842]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08789]



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 Rules and Regulations
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 This section of the FEDERAL REGISTER contains regulatory documents 
 having general applicability and legal effect, most of which are keyed 
 to and codified in the Code of Federal Regulations, which is published 
 under 50 titles pursuant to 44 U.S.C. 1510.
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  Federal Register / Vol. 85, No. 97 / Tuesday, May 19, 2020 / Rules 
and Regulations  

[[Page 29839]]



DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Part 3

[Docket ID OCC-2020-0015]
RIN 1557-AE87

FEDERAL RESERVE SYSTEM

12 CFR Part 217

[Regulation Q; Docket No. R-1708]
RIN 7100-AF82

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 324

RIN 3064-AF46


Regulatory Capital Rule: Revised Transition of the Current 
Expected Credit Losses Methodology for Allowances; Correction

AGENCY: Office of the Comptroller of the Currency, Treasury; the Board 
of Governors of the Federal Reserve System; and the Federal Deposit 
Insurance Corporation.

ACTION: Correcting amendment.

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SUMMARY: The Office of the Comptroller of the Currency, the Board of 
Governors of the Federal Reserve System, and the Federal Deposit 
Insurance Corporation published an interim final rule in the Federal 
Register on March 31, 2020, that delays the estimated impact on 
regulatory capital stemming from the implementation of Accounting 
Standards Update No. 2016-13, Financial Instruments--Credit Losses, 
Topic 326, Measurement of Credit Losses on Financial Instruments 
(CECL). This correcting amendment corrects errors in and clarifies the 
March 31, 2020, interim final rule.

DATES: 
    Effective Date: May 19, 2020.
    Applicability date: March 31, 2020.

FOR FURTHER INFORMATION CONTACT: 
    OCC: Joanne Phillips, Counsel, or Kevin Korzeniewski, Counsel, 
Chief Counsel's Office, (202) 649-5490, for persons who are deaf or 
hearing impaired, TTY, (202) 649-5597, Office of the Comptroller of the 
Currency, 400 7th Street SW, Washington, DC 20219.
    Board: Benjamin W. McDonough, Assistant General Counsel, (202) 452-
2036; David W. Alexander, Senior Counsel, (202) 452-2877; Legal 
Division, Board of Governors of the Federal Reserve System, 20th and C 
Streets NW, Washington, DC 20551. For the hearing impaired only, 
Telecommunication Device for the Deaf (TDD), (202) 263-4869.
    FDIC: Michael Phillips, Counsel, [email protected], (202) 898-
3581; Catherine Wood, Counsel, [email protected]; Francis Kuo, Counsel, 
[email protected]; Supervision and Legislation Branch, Legal Division, 
Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, 
DC 20429. For the hearing impaired only, Telecommunication Device for 
the Deaf (TDD), (800) 925-4618.

SUPPLEMENTARY INFORMATION: The Office of the Comptroller of the 
Currency, the Board of Governors of the Federal Reserve System, and the 
Federal Deposit Insurance Corporation (collectively, the agencies) 
published an interim final rule in the Federal Register on March 31, 
2020 (85 FR 17723), that delayed the estimated impact on regulatory 
capital arising from the implementation of Accounting Standards Update 
No. 2016-13, Financial Instruments--Credit Losses, Topic 326, 
Measurement of Credit Losses on Financial Instruments (interim final 
rule). This correcting amendment corrects errors and clarifies the 
interim final rule, including rules affecting 12 CFR 3.301, 12 CFR 
217.301, and 12 CFR 324.301 of the agencies' capital rules (capital 
rules). Specifically, the agencies are replacing the term ``U.S. GAAP'' 
with the term ``GAAP,'' which is the defined term in the capital rules, 
and making certain other minor technical corrections.
    The agencies also are correcting the unintentional omission of 
``Category III'' banking organizations from the supplementary leverage 
ratio provision in paragraphs (c)(2) and (d)(2)(ii) of Sec. Sec.  
3.301, 217.301, and 324.301 of the capital rules, to clarify that 
changes to the calculation of the supplementary leverage ratio apply to 
all banking organizations that must comply with the supplementary 
leverage ratio requirement. When Sec. Sec.  3.301, 217.301, and 324.301 
of the agencies' regulatory capital rules was originally adopted (CECL 
transition rule, 84 FR 4222 (February 14, 2019)) in February 2019, the 
term ``advanced approaches'' banking organizations referred to all 
banking organizations that were subject to the supplementary leverage 
ratio. However, a separate final rule, ``Changes to Applicability 
Thresholds for Regulatory Capital and Liquidity Requirements'' \1\ that 
became effective on December 31, 2019, redefined ``advanced 
approaches.'' Under that rule, advanced approaches banking 
organizations now include a smaller group of banking organizations 
(i.e., Category I and II banking organizations), while certain banking 
organizations are no longer defined as advanced approaches but remain 
subject to the supplementary leverage ratio requirements (i.e., 
Category III banking organizations). The agencies did not intend to 
change the applicability of the CECL transition rule for banking 
organizations that calculate the supplementary leverage ratio, and are 
now clarifying that the supplementary leverage ratio provisions in the 
CECL transition rule and the interim final rule continue to be 
available to Category III banking organizations.
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    \1\ 84 FR 59230 (Nov. 1, 2019).
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    The Supplementary Information to the interim final rule states that 
a banking organization must calculate transitional amounts for the 
following items: Retained earnings, temporary difference deferred tax 
assets (DTAs), and credit loss allowances eligible for inclusion in 
regulatory capital. For each of these items, ``the transitional amount 
is equal to the difference between the electing banking organization's 
closing balance sheet amount for the fiscal year-end immediately prior 
to its adoption of CECL (pre-CECL amount) and its balance sheet amount 
as of the beginning of the fiscal year in which it adopts CECL (post-
CECL amount).'' The Supplementary Information further explains that 
``the CECL transitional amount is equal to the difference between an 
electing banking organization's pre-CECL and post-CECL

[[Page 29840]]

amounts of retained earnings at adoption. The adjusted allowances for 
credit losses (AACL) transitional amount is equal to the difference 
between an electing banking organization's pre-CECL amount of ALLL and 
its post-CECL amount of AACL at adoption. The DTA transitional amount 
is the difference between an electing banking organization's pre-CECL 
amount and post-CECL amount of DTAs at adoption due to temporary 
differences.''
    The interim final rule modified Sec. Sec.  3.301, 217.301, and 
324.301 of the capital rule to permit use of the CECL transitional 
amount under the five-year transition by banking organizations that did 
not record a reduction in retained earnings due to the adoption of 
CECL. Given this broadening of the capital rule's eligibility 
requirements, the day-one ``difference'' in retained earnings for 
banking organizations electing the interim final rule's transition 
provision can result in an increase rather than a decrease for purposes 
of the CECL transitional amount. Similarly, the day-one ``difference'' 
in DTAs and credit loss allowances can result in a decrease rather than 
an increase. The agencies are therefore clarifying that an electing 
banking organization would reflect the actual day-one changes to the 
CECL transitional amount, DTA transitional amount, and AACL 
transitional amount, including when calculating the modified CECL 
transitional amount and modified AACL transitional amount. While the 
definitions of these terms may suggest that retained earnings could 
only decrease and DTAs and credit loss allowances could only increase 
(consistent with the 2019 CECL rule), the agencies are further 
clarifying that to the extent there is a day-one change for these 
items, an electing banking organization would calculate each 
transitional amount as a positive or negative number. For example, an 
electing banking organization with an increase in retained earnings 
upon adopting CECL would treat these amounts as negative values when 
calculating its modified CECL transitional amount for purposes of the 
2020 CECL transition.

A. Administrative Procedure Act

    The agencies are issuing this correcting amendment without prior 
notice and the opportunity for public comment and the 30-day delayed 
effective date ordinarily prescribed by the Administrative Procedure 
Act (APA).\2\ Pursuant to section 553(b)(B) of the APA, general notice 
and the opportunity for public comment are not required with respect to 
a rulemaking when an ``agency for good cause finds (and incorporates 
the finding and a brief statement of reasons therefor in the rules 
issued) that notice and public procedure thereon are impracticable, 
unnecessary, or contrary to the public interest.'' \3\
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    \2\ 5 U.S.C. 553.
    \3\ 5 U.S.C. 553(b)(B).
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    The agencies believe that the public interest is best served by 
implementing the correcting amendment as soon as possible. As discussed 
above, recent events have suddenly and significantly affected global 
economic activity. In addition, financial markets have experienced 
significant volatility. The magnitude and persistence of the overall 
effects on the economy remain highly uncertain.
    The interim final rule was adopted by the agencies to address 
concerns that despite adequate capital planning, uncertainty about the 
economic environment at the time of CECL adoption could result in 
higher-than-anticipated increases in credit loss allowances. Because of 
recent economic dislocations and disruptions in financial markets, 
banking organizations may face higher-than-anticipated increases in 
credit loss allowances. This will allow banking organizations to better 
focus on supporting lending to creditworthy households and businesses.
    This correcting amendment makes additional technical and conforming 
amendments to requirements related to CECL. In addition, this 
correcting amendment corrects paragraph (c)(2) of Sec. Sec.  3.301, 
217.301, and 324.301 of the capital rules, as provided in the interim 
final rule, to more clearly provide that changes to the calculation of 
the supplementary leverage ratio apply to all banking organizations 
that must comply with the supplementary leverage ratio requirement. 
Initially, the supplementary leverage ratio applied only to banking 
organizations characterized as ``advanced approaches'' banking 
organizations. However, with the implementation of the final rule, 
``Changes to Applicability Thresholds for Regulatory Capital and 
Liquidity Requirements'' that became effective on December 31, 2019, 
supplementary leverage ratio requirements now apply to a smaller group 
of advanced approaches banking organizations and Category III banking 
organizations. The agencies are amending the CECL transition rule and 
the interim final rule to ensure that all elements of that transition 
continue to be available to Category III banking organizations, as 
intended.
    The APA also 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.\4\ Because the 
correcting amendment relieves a restriction, the rulemaking is exempt 
from the APA's delayed effective date requirement.\5\ Additionally, the 
agencies find good cause to publish the correcting amendment with an 
immediate effective date for the same reasons set forth above under the 
discussion of section 553(b)(B) of the APA.
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    \4\ 5 U.S.C. 553(d).
    \5\ 5 U.S.C. 553(d)(1).
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B. Congressional Review Act

    For purposes of Congressional Review Act, the OMB makes a 
determination as to whether a final rule constitutes a ``major'' 
rule.\6\ If a rule is deemed a ``major rule'' by the Office of 
Management and Budget (OMB), the Congressional Review Act generally 
provides that the rule may not take effect until at least 60 days 
following its publication.\7\
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    \6\ 5 U.S.C. 801 et seq.
    \7\ 5 U.S.C. 801(a)(3).
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    The Congressional Review Act defines a ``major rule'' as any rule 
that the Administrator of the Office of Information and Regulatory 
Affairs of the OMB finds has resulted in or is likely to result in (A) 
an annual effect on the economy of $100,000,000 or more; (B) a major 
increase in costs or prices for consumers, individual industries, 
Federal, State, or local government agencies or geographic regions, or 
(C) significant adverse effects on competition, employment, investment, 
productivity, innovation, or on the ability of United States-based 
enterprises to compete with foreign-based enterprises in domestic and 
export markets.\8\
---------------------------------------------------------------------------

    \8\ 5 U.S.C. 804(2).
---------------------------------------------------------------------------

    For the same reasons set forth above, the agencies are adopting the 
correcting amendment without the delayed effective date generally 
prescribed under the Congressional Review Act. The delayed effective 
date required by the Congressional Review Act does not apply to any 
rule for which an agency for good cause finds (and incorporates the 
finding and a brief statement of reasons therefor in the rule issued) 
that notice and public procedure thereon are impracticable, 
unnecessary, or contrary to the public interest.\9\ In light of current 
market uncertainty, the agencies believe

[[Page 29841]]

that delaying the effective date of this correcting amendment would be 
contrary to the public interest.
---------------------------------------------------------------------------

    \9\ 5 U.S.C. 808.
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    As required by the Congressional Review Act, the agencies will 
submit the rulemaking and other appropriate reports to Congress and the 
Government Accountability Office for review.

C. Paperwork Reduction Act

    The Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3521) (PRA) 
states that no agency may conduct or sponsor, nor is the respondent 
required to respond to, an information collection unless it displays a 
currently valid OMB control number. This correcting amendment does not 
contain any information collection requirements therefore no 
submissions will be made by the agencies to OMB in connection with this 
rulemaking.

D. Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA) \10\ requires an agency to 
consider whether the rules it proposes will have a significant economic 
impact on a substantial number of small entities.\11\ The RFA applies 
only to rules for which an agency publishes a general notice of 
proposed rulemaking pursuant to 5 U.S.C. 553(b). As discussed 
previously, consistent with section 553(b)(B) of the APA, the agencies 
have determined for good cause that general notice and opportunity for 
public comment is impracticable and contrary to the public's interest, 
and therefore the agencies are not issuing a notice of proposed 
rulemaking. Accordingly, the Agencies have concluded that the RFA's 
requirements relating to initial and final regulatory flexibility 
analysis do not apply.
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    \10\ 5 U.S.C. 601 et seq.
    \11\ Under regulations issued by the Small Business 
Administration, a small entity includes a depository institution, 
bank holding company, or savings and loan holding company with total 
assets of $600 million or less and trust companies with total 
average annual receipts of $41.5 million or less. See 13 CFR 
121.201.
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E. Riegle Community Development and Regulatory Improvement Act of 1994

    Pursuant to section 302(a) of the Riegle Community Development and 
Regulatory Improvement Act (RCDRIA),\12\ in determining the effective 
date and administrative compliance requirements for new regulations 
that impose additional reporting, disclosure, or other requirements on 
insured depository institutions (IDIs), each Federal banking agency 
must consider, consistent with the principle of safety and soundness 
and the public interest, any administrative burdens that such 
regulations would place on depository institutions, including small 
depository institutions, and customers of depository institutions, as 
well as the benefits of such regulations. In addition, section 302(b) 
of RCDRIA requires new regulations and amendments to regulations that 
impose additional reporting, disclosures, or other new requirements on 
IDIs generally to take effect on the first day of a calendar quarter 
that begins on or after the date on which the regulations are published 
in final form, with certain exceptions, including for good cause.\13\ 
For the reasons described above, the agencies find good cause exists 
under section 302 of RCDRIA to publish this rulemaking with an 
immediate effective date.
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    \12\ 12 U.S.C. 4802(a).
    \13\ 12 U.S.C. 4802.
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F. Plain Language

    Section 722 of the Gramm-Leach-Bliley Act \14\ requires the Federal 
banking agencies to use ``plain language'' in all proposed and final 
rules published after January 1, 2000. In light of this requirement, 
the agencies have sought to present the rulemaking in a simple and 
straightforward manner.
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    \14\ 12 U.S.C. 4809.
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G. Unfunded Mandates Act

    As a general matter, the Unfunded Mandates Act of 1995 (UMRA), 2 
U.S.C. 1531 et seq., requires the preparation of a budgetary impact 
statement before promulgating a rule that includes a Federal mandate 
that may result in the expenditure by State, local, and tribal 
governments, in the aggregate, or by the private sector, of $100 
million or more in any one year. However, the UMRA does not apply to 
final rules for which a general notice of proposed rulemaking was not 
published. See 2 U.S.C. 1532(a). Therefore, because the OCC has found 
good cause to dispense with notice and comment for this rulemaking, the 
OCC has not prepared an economic analysis of the rule under the UMRA.

List of Subjects

12 CFR Part 3

    Administrative practice and procedure, Capital, National banks, 
Risk.

12 CFR Part 217

    Administrative practice and procedure, Banks, Banking, Capital, 
Federal Reserve System, Holding companies, Reporting and recordkeeping 
requirements, Risk, Securities.

 12 CFR Part 324

    Administrative practice and procedure, Banks, Banking, Reporting 
and recordkeeping requirements, Savings associations, State non-member 
banks.

Office of the Comptroller of the Currency

12 CFR Chapter I

Authority and Issuance

    For the reasons set forth in the preamble, the OCC amends chapter I 
of title 12 of the Code of Federal Regulations as follows:

PART 3--CAPITAL ADEQUACY STANDARDS

0
1. The authority citation for part 3 continues to read as follows:

    Authority: 12 U.S.C. 93a, 161, 1462, 1462a, 1463, 1464, 1818, 
1828(n), 1828 note, 1831n note, 1835, 3907, 3909, 5412(b)(2)(B), and 
Pub. L. 116-136, 134 Stat. 281.


Sec.  3.301  [Amended]

0
2. Amend Sec.  3.301 by:
0
a. In paragraphs (b)(1) and (d) introductory text, remove the phrase 
``U.S. GAAP'' and add in its place the word ``GAAP'';
0
b. In paragraph (c)(2) introductory text, add the phrase ``or Category 
III'' after the phrase ``an advanced approaches'' and add the phrase 
``its applicable'' after the words ``its calculation of''; and
0
c. In paragraph (d)(2)(ii) introductory text, add the phrase ``or 
Category III'' after the phrase ``An advanced approaches'' and add the 
phrase ``its applicable'' after the phrase ``its calculation of''.

Board of Governors of the Federal Reserve System

12 CFR Chapter II

Authority and Issuance

    For the reasons set forth in the preamble, the Board amends chapter 
II of title 12 of the Code of Federal Regulations as follows:

PART 217--CAPITAL ADEQUACY OF BANK HOLDING COMPANIES, SAVINGS AND 
LOAN HOLDING COMPANIES, AND STATE MEMBER BANKS (REGULATION Q)

0
3. The authority citation for part 217 continues to read as follows:

    Authority: 12 U.S.C. 248(a), 321-338a, 481-486, 1462a, 1467a, 
1818, 1828, 1831n, 1831o, 1831p-l, 1831w, 1835, 1844(b), 1851, 3904, 
3906-3909, 4808, 5365, 5368, 5371 and 5371 note, and sec. 4012, Pub. 
L. 116-136, 134 Stat. 281.

[[Page 29842]]

Sec.  217.301  [Amended]

0
4. Amend Sec.  217.301 by:
0
a. In paragraphs (b)(1) and (d) introductory, remove ``U.S. GAAP'' and 
add in its place ``GAAP''; and
0
b. In paragraph (c)(2) introductory text, add ``or Category III'' after 
the phrase ``an advanced approaches'' and ``its applicable'' after the 
words ``its calculation of'';
0
c. In paragraph (d)(2)(i) introductory text, remove the phrase ``in a 
first'' and add in its place ``in its first''; and
0
d. In paragraph (d)(2)(ii) introductory text, add ``or Category III'' 
after the phrase ``An advanced approaches'' and ``its applicable'' 
after the words ``its calculation of''.

Federal Deposit Insurance Corporation

12 CFR Chapter III

Authority and Issuance

    For the reasons set forth in the joint preamble, chapter III of 
title 12 of the Code of Federal Regulations is amended as follows:

PART 324--CAPITAL ADEQUACY OF FDIC-SUPERVISED INSTITUTIONS

0
5. The authority citation for part 324 continues to read as follows:

    Authority: 12 U.S.C. 1815(a), 1815(b), 1816, 1818(a), 1818(b), 
1818(c), 1818(t), 1819(Tenth), 1828(c), 1828(d), 1828(i), 1828(n), 
1828(o), 1831o, 1835, 3907, 3909, 4808; 5371; 5412; Pub. L. 102-233, 
105 Stat. 1761, 1789, 1790 (12 U.S.C. 1831n note); Pub. L. 102-242, 
105 Stat. 2236, 2355, as amended by Pub. L. 103-325, 108 Stat. 2160, 
2233 (12 U.S.C. 1828 note); Pub. L. 102-242, 105 Stat. 2236, 2386, 
as amended by Pub. L. 102-550, 106 Stat. 3672, 4089 (12 U.S.C. 1828 
note); Pub. L. 111-203, 124 Stat. 1376, 1887 (15 U.S.C. 78o-7 note); 
Pub. L. 115-174; Pub. L. 116-136, 134 Stat. 281.


0
6. Amend Sec.  324.301 as follows:
0
a. Revise paragraph (b)(1);
0
b. In paragraph (b)(2), remove the phrase ``FDIC-supervised's 
adoption'' and add in its place ``FDIC-supervised institution's 
adoption'';
0
c. In paragraph (c)(2) introductory text, add ``or Category III'' after 
the phrase ``an advanced approaches'' and ``its applicable'' after the 
words ``its calculation of'';
0
d. Revise paragraph (d) introductory text;
0
e. In paragraph (d)(2)(i) introductory text, remove the phrase ``in its 
a'' and add in its place ``in its first'';
0
f. In paragraph (d)(2)(i)(C), remove the phrase ``fifty percent of its 
AACL transitional amount'' and add in its place ``fifty percent of its 
modified AACL transitional amount'' and remove the phrase ``twenty-five 
percent of its AACL transitional amount'' and add in its place 
``twenty-five percent of its modified AACL transitional amount'';
0
g. In paragraph (d)(2)(ii) introductory text, add ``or Category III'' 
after the phrase ``An advanced approaches'', remove the phrase ``for 
the fiscal year that begins during the 2020 calendar year'' and add in 
its place ``during 2020'', and add ``its applicable'' after the words 
``its calculation of''; and
0
h. In paragraph (d)(2)(ii)(A), remove the phrase ``fifty percent of its 
CECL transitional amount'' and add in its place the phrase ``fifty 
percent of its modified CECL transitional amount'' and remove the 
phrase ``twenty-five percent of its CECL transitional amount'' and add 
in its place ``twenty-five percent of its modified CECL transitional 
amount''.
    The revisions read as follows:


Sec.  324.301  Current expected credit losses (CECL) transition.

* * * * *
    (b) * * *
    (1) Transition period means the three-year period, beginning the 
first day of the fiscal year in which an FDIC-supervised institution 
adopts CECL and reflects CECL in its first Call Report filed after that 
date; or, for the 2020 transition under paragraph (d) of this section, 
the five-year period beginning on the earlier of the date an FDIC-
supervised institution was required to adopt CECL for accounting 
purposes under GAAP (as in effect on January 1, 2020), or the first day 
of the quarter in which the FDIC-supervised institution files 
regulatory reports that include CECL.
* * * * *
    (d) Calculation of the five-year CECL transition provision. An 
FDIC-supervised institution that was required to adopt CECL for 
accounting purposes under GAAP (as in effect January 1, 2020) as of the 
first day of a fiscal year that begins during the 2020 calendar year, 
and that makes the election described in paragraph (a)(1) of this 
section, may use the transitional amounts and modified transitional 
amounts in paragraph (d)(1) of this section with the 2020 CECL 
transition calculation in paragraph (d)(2) of this section to adjust 
its calculation of regulatory capital ratios during each quarter of the 
transition period in which an FDIC-supervised institution uses CECL for 
purposes of its Call Report. An FDIC supervised-institution that did 
not make the election described in paragraph (a)(1) of this section 
because it did not record a reduction in retained earnings due to the 
adoption of CECL as of the beginning of the fiscal year in which the 
FDIC-supervised institution adopted CECL may use the transition 
provision in this paragraph (d) if it has a positive modified CECL 
transitional amount during any quarter ending in 2020 and makes the 
election in the Call Report filed for the same quarter.
* * * * *

Brian Brooks,
First Deputy Comptroller, Comptroller of the Currency.

    Board of Governors of the Federal Reserve System.
Ann Misback,
Secretary of the Board.

Federal Deposit Insurance Corporation.

    Dated at Washington, DC, on April 13, 2020.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2020-08789 Filed 5-18-20; 8:45 am]
BILLING CODE 4810-33-P 6210-01-P; 6714-01-P