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FDIC | RIN: 3064-AF73 | Publication ID: Spring 2021 |
Title: ●Regulatory Capital Rule: Emergency Capital Investment Program | |
Abstract:
OCC, FRB, and FDIC (together, the Agencies) are issuing 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 COVID19 pandemic. |
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Agency: Federal Deposit Insurance Corporation(FDIC) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: 12 CFR 324.20 | |
Legal Authority: 12 U.S.C. 1815(a) 12 U.S.C. 1815(b) 12 U.S.C. 1816 12 U.S.C. 1818(a) 12 U.S.C. 1818(b) ... |
Legal Deadline:
None |
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Timetable:
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Additional Information: Email: comments@fdic.gov. Please include RIN 3064-AF73 in the subject line of communication. | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Information URL: https://www.fdic.gov/regulations/laws/federal/ | Public Comment URL: https://www.fdic.gov/regulations/laws/federal/ |
RIN Data Printed in the FR: No | |
Related Agencies: Joint: TREAS/OCC, FRS; | |
Agency Contact: Bobby R. Bean Associate Director Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20429 Phone:202 898-6705 Email: bbean@fdic.gov Benedetto Bosco Chief, Capital Policy Section Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20459 Phone:202 898-6853 Email: bbosco@fdic.gov Noah Cuttler Senior Policy Analyst, Capital Policy Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20429 Phone:202 898-3556 Email: ncuttler@fdic.gov Catherine S. Wood Counsel Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20459 Phone:202 898-3788 Email: cawood@fdic.gov Gregory S. Feder Counsel Federal Deposit Insurance Corporation 550 17th Street NW, MB-3052, Washington, DC 20429 Phone:202 898-8724 Email: gfeder@fdic.gov Suzanne Dawley Counsel Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20429 Phone:202 898-6509 Email: sdawley@fdic.gov |