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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations regulated institution can pay out in the form of distributions and discretionary bonus payments during the current calendar quarter. For a Board-regulated institution that is not subject to 12 CFR
225.8 or 238.170, the maximum payout ratio is determined by the Boardregulated institutions capital conservation buffer, calculated as of the last day of the previous calendar quarter, as set forth in Table 1 to paragraph a4iv of this section. For a Board-regulated institution that is subject to 12 CFR 225.8 or 238.170, the maximum payout ratio is determined under paragraph c1ii of this section.

vi Stress capital buffer requirement.
A The stress capital buffer requirement for a Board-regulated institution subject to 12 CFR 225.8 or 238.170 is the stress capital buffer requirement determined under 12 CFR 225.8 or 238.170 except as provided in paragraph a2viB of this section.
B If a Board-regulated institution subject to 12 CFR 225.8 or 238.170 has not yet received a stress capital buffer requirement, its stress capital buffer requirement for purposes of this part is 2.5 percent.

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i A Board-regulated institution that is not subject to 12 CFR 225.8 or 238.170 has a capital conservation buffer equal to the lowest of the following ratios, calculated as of the last day of the previous calendar quarter:

4 Limits on distributions and discretionary bonus payments. i A
Board-regulated institution that is not subject 12 CFR 225.8 or 238.170 shall not make distributions or discretionary bonus payments or create an obligation to make such distributions or payments during the current calendar quarter that, in the aggregate, exceed its maximum payout amount.
ii A Board-regulated institution that is not subject 12 CFR 225.8 or 238.170
and that has a capital conservation buffer that is greater than 2.5 percent plus 100 percent of its applicable countercyclical capital buffer amount in accordance with paragraph b of this section is not subject to a maximum payout amount under paragraph a2ii of this section.
iii Except as provided in paragraph a4iv of this section, a Boardregulated institution that is not subject
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to 12 CFR 225.8 or 238.170 may not make distributions or discretionary bonus payments during the current calendar quarter if the Board-regulated institutions:
A Eligible retained income is negative; and B Capital conservation buffer was less than 2.5 percent as of the end of the previous calendar quarter.
iv Prior approvalnotwithstanding the limitations in paragraphs a4i through iii of this section, the Board may permit a Board-regulated institution that is not subject to 12 CFR
225.8 or 238.170 to make a distribution or discretionary bonus payment upon a request of the Board-regulated institution, if the Board determines that the distribution or discretionary bonus payment would not be contrary to the purposes of this section, or to the safety and soundness of the Board-regulated institution. In making such a determination, the Board will consider the nature and extent of the request and the particular circumstances giving rise to the request.

TABLE 1 TO 217.11A4IVCALCULATION OF MAXIMUM PAYOUT AMOUNT
Maximum payout ratio
Capital conservation buffer
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Greater than 2.5 percent plus 100 percent of the Board-regulated institutions applicable countercyclical capital buffer amount.
Less than or equal to 2.5 percent plus 100 percent of the Board-regulated institutions applicable countercyclical capital buffer amount, and greater than 1.875 percent plus 75 percent of the Board-regulated institutions applicable countercyclical capital buffer amount.
Less than or equal to 1.875 percent plus 75 percent of the Board-regulated institutions applicable countercyclical capital buffer amount, and greater than 1.25 percent plus 50 percent of the Board-regulated institutions applicable countercyclical capital buffer amount.
Less than or equal to 1.25 percent plus 50 percent of the Board-regulated institutions applicable countercyclical capital buffer amount and greater than 0.625 percent plus 25 percent of the Board-regulated institutions applicable countercyclical capital buffer amount.
Less than or equal to 0.625 percent plus 25 percent of the Board-regulated institutions applicable countercyclical capital buffer amount.

v Other limitations on distributions.
Additional limitations on distributions may apply under 12 CFR 225.4 and 263.202 to a Board-regulated institution that is not subject to 12 CFR 225.8 or 238.170.

c Calculation of buffers for Boardregulated institutions subject to 12 CFR
225.8 or 238.170
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i A Board-regulated institution that is subject to 12 CFR 225.8 or 238.170
shall not make distributions or discretionary bonus payments or create an obligation to make such distributions or payments during the current calendar
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quarter that, in the aggregate, exceed its maximum payout amount.
ii Maximum payout ratio. The maximum payout ratio of a Boardregulated institution that is subject to 12
CFR 225.8 or 238.170 is the lowest of the payout ratios determined by its standardized approach capital conservation buffer; if applicable, advanced approaches capital conservation buffer; and, if applicable, leverage buffer; as set forth in table 2 to 217.11c4iii.
iii Capital conservation buffer requirements. A Board-regulated institution that is subject to 12 CFR
225.8 or 238.170 has:

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No payout ratio limitation applies.
60 percent.
40 percent.
20 percent.
0 percent.

iv No maximum payout amount limitation. A Board-regulated institution that is subject to 12 CFR 225.8 or 238.170 is not subject to a maximum payout amount under paragraph a2ii of this section if it has:

v Negative eligible retained income.
Except as provided in paragraph c1vi of this section, a Boardregulated institution that is subject to 12
CFR 225.8 or 238.170 may not make distributions or discretionary bonus payments during the current calendar quarter if, as of the end of the previous
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