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The FDIC, OCC, and FRB (Agencies) issued an interim final rule that provides that preferred stock issued to Treasury under Emergency Capital Investment Program (ECIP) qualifies as additional tier 1 capital and that subordinated debt issued to Treasury under ECIP qualifies as tier 2 capital under the Agencies’ capital rule in order to support and facilitate the timely implementation and acceptance of ECIP and promote its purpose.  Section 104A of the Community Development Banking and Financial Institutions Act of 1994, which was added by the Consolidated Appropriations Act 2021, authorizes the Secretary of the Treasury to establish the ECIP through which the Department of the Treasury (Treasury) can make capital investments in low- and moderate-income community financial institutions.  The purpose of ECIP is to support the efforts of such financial institutions to, among other things, provide financial intermediary services for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities that have disproportionately suffered from the impacts of the COVID-19 pandemic. The Agencies intend to adopt as final the interim final rule.