Total assets.
Total assets.
(1) Total assets means a credit union's total assets as measured by either -
(i) Average quarterly balance. The average of quarter-end balances of the current and three preceding calendar quarters; or
(ii) Average monthly balance. The average of month-end balances over the three calendar months of the calendar quarter; or
(iii) Average daily balance. The average daily balance over the calendar quarter; or
(iv) Quarter-end balance. The quarter-end balance of the calendar quarter as reported on the credit union's Call Report.
(2) For each quarter, a credit union must elect a measure of total assets from paragraph (k)(1) of this section to apply for all purposes under this part except ยงยง 702.103 through 702.108 [risk-based net worth requirement].
(3) Notwithstanding paragraph (k)(1) of this section, a credit union may exclude loans pledged as collateral for a non-recourse loan that is provided as part of the Paycheck Protection Program Lending Facility, announced by the Federal Reserve Board on April 7, 2020, from the calculation of total assets for the purpose of calculating its net worth ratio. For the purpose of this provision, a credit union's liability under the Facility must be reduced by the principal amount of the loans pledged as collateral for funds advanced under the Facility.
Source
12 CFR § 702.2
Scoping language
Except as provided below, the terms used in this part have the same meanings as set forth in FCUA sections 101 and 216, 12 U.S.C. 1752, 1790d.