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Federal Register / Vol. 86, No. 44 / Tuesday, March 9, 2021 / Rules and Regulations
restrictions promulgated by the ECIP
recipients Federal regulators.
The interim final rule is promulgated under Section 104A of the Act, and agreements between ECIP recipients and Treasury in connection with the Program will be entered into under the Act. Treasury may take action or directly address noncompliance with the requirements of this interim final rule or Program agreements. In addition, Treasury may, in its discretion, inform the appropriate Federal banking agencies of any apparent violations by ECIP recipients of the interim final rule or Program agreements between ECIP
recipients and Treasury.20
Treasury specifically solicits comments from members of the public concerning the following issues:
Question 4: Are the restrictions on dividends, share buybacks, and other capital distributions sufficiently tailored to facilitate the ECIP Program objectives without discouraging participation in the program?
Question 5: What would be the advantages and disadvantages of aligning limitations on capital distributions under the interim final rule with limitations applicable to each entity pursuant to the requirements of its appropriate Federal banking regulator? What are the advantages and disadvantages of calculating eligible distributable income based on i income as of the end of the most recent calendar quarter and ii year to date reported net income? What are the advantages and disadvantages of calculating the capital distribution limitation using i year-to-date dividends or capital distributions; ii reported dividends or capital distributions; and iii year-to-date dividends or capital distributions as of the end of the most recent calendar quarter?
IV. Regulatory Analyses
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A. Administrative Procedure Act Pursuant to authority at 5 U.S.C.
553bB, the interim final rule is exempt from the rulemaking requirements of the Administrative Procedure Act APA 5 U.S.C. 551 et seq., including the requirement to provide prior notice and an opportunity for public comment for the good cause shown in Sections I and II of this SUPPLEMENTARY INFORMATION.
B. National Environmental Policy Act The interim final rule has been reviewed in accordance with 12 CFR
part 1815, the CDFI Funds 20 See,
e.g., 12 U.S.C. 4717b.

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environmental quality regulations published pursuant to the National Environmental Protection Act of 1969
NEPA. It is the determination of Treasury that the interim final rule does not constitute a major Federal action significantly affecting the quality of the human environment and, in accordance with NEPA and the CDFI Funds environmental quality regulations at 12
CFR part 1815, neither an Environmental Assessment nor an Environmental Impact Statement is required.

Treasury has determined for good cause that general notice and opportunity for public comment is unnecessary, and therefore is not issuing a notice of proposed rulemaking. Because no notice of proposed rulemaking is required for this interim final rule, the provisions of the RFA do not apply. Nevertheless, Treasury seeks comment on whether, and the extent to which, the interim final rule would affect a significant number of small entities.

C. Paperwork Reduction Act The Paperwork Reduction Act of 1995
44 U.S.C. 35013521 PRA states that no agency may conduct or sponsor, nor is the respondent required to respond to, an information collection unless it displays a currently valid OMB control number.
The interim final rule will add current information collections for excessive or luxury expenditure policy and exemptive relief requests to the ECIP
application process. The excessive or luxury policy collection requirements include the adoption and maintenance of the policy detailed in section 1iii;
written notices of change detailed in section 1iv; and annual certifications detailed in section 4. The exemptive relief requests are detailed in section 3.
The addition of these collections will increase total annual burden by 44,014
hours: The policy requirements are expected to take 1,100 respondents 40
hours to complete for an annual burden of 44,000 hours, and it is estimated that 55 or 5% of respondents will submit an exemptive relief request that will take 15 minutes to complete, for an annual burden of 14 hours. The OMB
Control Number for the Emergency Capital Investment Program information collection is 15050267.
Comments concerning suggestions for reducing the burden of collections of information should be directed to the Deputy Director for Policy and Programs, Community Development Financial Institutions Fund, 601 13th Street, NW, Suite 200 South, Washington, DC 20005.

This interim final rule is economically significant for the purposes of Executive Orders 12866 and 13563. Treasury, however, is proceeding under the emergency provision at Executive Order 12866 section 6a3D
based on the need to move expeditiously to mitigate the current economic conditions arising from the COVID19 emergency, as discussed in Section II of this Supplementary Information.

D. Regulatory Flexibility Act The Regulatory Flexibility Act RFA
5 U.S.C. 601 et seq. requires an agency to consider whether the rules it proposes will have a significant economic impact on a substantial number of small entities. The RFA
applies only to rules for which an agency publishes a general notice of proposed rulemaking pursuant to 5
U.S.C. 553b. As discussed above, consistent with 5 U.S.C. 553bB,
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E. Regulatory Planning and Review
F. Executive Order 13132
This interim final rule does not have federalism implications as defined in Executive Order 13132. It will not have substantial direct effects on the States, on the relationship between the National Government and the States, or on the distribution of power and responsibilities among the various levels of government, as specified in the executive order. As such it does not warrant the preparation of a federalism assessment.
G. Congressional Review Act The Administrator of the Office of Management and Budgets Office of Information and Regulatory Affairs OIRA has determined that this is a major rule for purposes the Congressional Review Act CRA 5
U.S.C. 8042 et seq.. Under the CRA, a major rule takes effect 60 days after the rule is published in the Federal Register. 5 U.S.C. 801a3.
Notwithstanding this requirement, the CRA allows agencies to dispense with the requirements of section 801 when the agency for good cause finds that such procedure would be impracticable, unnecessary, or contrary to the public interest and the rule shall take effect at such time as the agency promulgating the rule determines. 5 U.S.C. 8082.
Pursuant to 8082, Treasury, for the good cause shown in sections I and II of this SUPPLEMENTARY INFORMATION, finds that a 60-day delay to provide public notice is impracticable and contrary to the public interest.

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