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TREAS/DO | RIN: 1505-AC76 | Publication ID: Fall 2023 |
Title: Emergency Capital Investment Program--Restrictions on Executive Compensation, Share Buybacks, and Dividends | |
Abstract:
Section 104A of the Community Development Banking and Financial Institutions Act of 1994, which was added by the Consolidated Appropriations Act, 2021, establishes the Emergency Capital Investment Program to support capital investments in low- and moderate-income community financial institutions. The program is available to eligible minority depository institutions and community development financial institutions that are: (1) insured depository institutions; (2) bank holding companies; (3) savings and loan holding companies; or (4) federally insured credit unions. Under section 104A, the Secretary of the Treasury is required to issue rules setting restrictions on executive compensation, share buybacks, and dividend payments for recipients of capital investments under the program. This interim final rule establishes these restrictions. |
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Agency: Department of the Treasury(TREAS) | Priority: Section 3(f)(1) Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Yes | Unfunded Mandates: No |
CFR Citation: 31 CFR 35 | |
Legal Authority: Pub. L. 116-260 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Christopher Weaver Department of the Treasury Departmental Offices 1500 Pennsylvania Avenue NW, Washington, DC 20220 Phone:202 622-1768 Email: christopher.weaver@treasury.gov |