§ 702.702. Definitions.
77 words·~1 min read·
/us/cfr/t12/s§ 702.702·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.