12 CFR § 702.702 - Definitions.

---
identifier: "/us/cfr/t12/s702.702"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 702.702 - Definitions."
title_number: 12
title_name: "Banks and Banking"
section_number: "702.702"
section_name: "Definitions."
chapter_name: "NATIONAL CREDIT UNION ADMINISTRATION"
subchapter_number: "A"
subchapter_name: "REGULATIONS AFFECTING CREDIT UNIONS"
part_number: "702"
part_name: "CAPITAL ADEQUACY"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1757(9), 1766(a), 1784(a), 1786(e), 1790d."
regulatory_source: "65 FR 8584, Feb. 18, 2000, unless otherwise noted."
cfr_part: "702"
---


# 702.702 Definitions.

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.