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TREAS/OCC RIN: 1557-AF09 Publication ID: Spring 2021 
Title: ●Implementation of Emergency Capital Investment Program 
Abstract:

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 Emergency Capital Investment Program (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.  In order to support and facilitate the timely implementation and acceptance of ECIP and promote its purpose, the OCC, FRB, and FDIC issued an interim final rule that provides that preferred stock issued to Treasury under 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.

 
Agency: Department of the Treasury(TREAS)  Priority: Economically Significant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Yes  Unfunded Mandates: Undetermined 
CFR Citation: 12 CFR 3   
Legal Authority: 12 U.S.C. 93a    12 U.S.C. 161    12 U.S.C. 1462    12 U.S.C. 1462a    12 U.S.C. 1463    12 U.S.C. 1464    12 U.S.C. 1818    12 U.S.C. 1828(n)    12 U.S.C. 1828 note    12 U.S.C. 1831n note    12 U.S.C. 1835    12 U.S.C. 3907    12 U.S.C. 3909    12 U.S.C. 5412(b)(2)(B)    Pub. L. 116-136   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Interim Final Rule  03/22/2021  86 FR 15076   
Interim Final Rule Effective  03/22/2021 
Interim Final Rule Comment Period End  05/21/2021 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Carl Kaminski
Special Counsel
Department of the Treasury
Comptroller of the Currency
Chief Counsel's Office, 400 7th Street SW.,
Washington, DC 20219
Phone:202 649-5869
Email: carl.kaminski@occ.treas.gov