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Federal Register / Vol. 86, No. 44 / Tuesday, March 9, 2021 / Rules and Regulations delay effective dates when the agency, for good cause, finds that the requirement is impracticable, unnecessary, or contrary to the public interest 5 U.S.C. 553bB and d3.
There is good cause to waive both of these requirements here as they are impracticable. A delay in the effective date of the final rule, titled Streamlined Launch and Reentry License Requirements, is necessary for the Presidents appointees and designees to have adequate time to review the rule before it takes effect, and neither the notice and comment process nor the delayed effective date could be implemented in time to allow for this review.
Issued in Washington, DC, under the authority in 49 U.S.C. 106f and 51 U.S.C.
Chapter 509, on February 22, 2021.
Steve Dickson, Administrator.
FR Doc. 202104068 Filed 3821; 8:45 am BILLING CODE 491013P

DEPARTMENT OF THE TREASURY
31 CFR Part 35
Docket No. TREASDO20210004
RIN 1505AC76

Table of Contents
Emergency Capital Investment ProgramRestrictions on Executive Compensation, Share Buybacks, and Dividends Department of the Treasury.
Interim final rule and request for public comment.

AGENCY:
ACTION:

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 lowand moderate-income community financial institutions. The program is available to eligible minority depository institutions and community development financial institutions that are insured depository institutions, bank holding companies, savings and loan holding companies, or 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.
DATES:
Effective date: This interim final rule is effective March 9, 2021.

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SUMMARY:

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Comment date: Comments must be received on or before April 8, 2021.
ADDRESSES: You may submit comments identified by number TREASDO
20210004 through the Federal eRulemaking Portal: http
www.regulations.gov. Follow the instructions for submitting comments.
Treasury will post all comments on www.regulations.gov. If you wish to submit confidential business information CBI as defined in the User Notice at www.regulations.gov, please send an email to ECIPInquiries@
Treasury.gov. Highlight the information that you consider to be CBI and explain why you believe Treasury should hold this information as confidential.
Treasury will review the information and make the final determination whether it will publish the information.
FOR FURTHER INFORMATION CONTACT: For further information regarding this interim final rule contact Brian Donovan, Emergency Capital Investment Program, Treasury, at 202 6530371 or Brian.Donovan2@treasury.gov, or Eric Froman, Assistant General Counsel Banking and Finance, Treasury, at 202 6221942 or Eric.Froman@
treasury.gov.
SUPPLEMENTARY INFORMATION:

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I. Background Information II. Comments and Immediate Effective Date III. Interim Final Rule A. Background on the ECIP
B. Overview of the Interim Final Rule 1. Restrictions on Compensation 2. Restrictions on Dividends, Share Buybacks, and Other Capital Distributions IV. Regulatory Analyses A. Administrative Procedure Act B. National Environmental Policy Act C. Paperwork Reduction Act D. Regulatory Flexibility Act E. Regulatory Planning and Review F. Executive Order 13132
G. Congressional Review Act
I. Background Information On December 27, 2020, the Consolidated Appropriations Act, 2021
Pub. L. 116260, was signed into law.
It added Section 104A of the Community Development Banking and Financial Institutions Act of 1994 the Act 12 U.S.C. 4701 et seq., which was enacted as part of the Riegle Community Development and Regulatory Improvement Act of 1994 Pub. L. 103
325. Section 104A authorizes the Secretary of the Treasury to establish the Emergency Capital Investment Program ECIP or Program to make investments in lowand moderateincome community financial institutions. These investments are to
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support the efforts of lowand moderate-income community financial institutions to, among other things, provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, including persistent poverty counties, which may be disproportionately impacted by the economic effects of the COVID19
pandemic.
Under Section 104Ah of the Act, the Department of the Treasury Treasury must issue rules setting restrictions on executive compensation, share buybacks, and dividend payments for recipients of capital investments under ECIP. This rulemaking establishes those restrictions, which are described in section III below.
II. Comments and Immediate Effective Date ECIP is intended to be used to make investments in lowand moderateincome community financial institutions expeditiously.1 Section 104Ah of the Act requires Treasury to issue rules no later than 30 days after the statutes effective date that set restrictions on executive compensation, share buybacks, and dividend payments for recipients of capital investments under ECIP. This legislative mandate, along with the dramatic and ongoing effects of the COVID19 pandemicthe public health crisis, continuing closures of small businesses and minority-owned businesses, and heightened consumer unemployment, especially in lowincome and underserved communities provides good cause for Treasury to issue this interim final rule without advance notice and public comment and to dispense with the 30-day delayed effective date provided in the Administrative Procedure Act 5 U.S.C.
553. The immediate effective date of this interim final rule will benefit lowand moderate-income community financial institutions, as well as the communities served by such institutions, by allowing lowand moderate-income community financial institutions to expeditiously apply for capital investments with a full understanding of the executive compensation, share buyback, and dividend payment restrictions that will 1 For example, section 104Ad1 of the Act requires Treasury to begin accepting applications for capital investments under ECIP within 30 days after enactment of the statute, and section 104Ah1 requires Treasury to issue rules setting restrictions on executive compensation, share buybacks, and dividend payments for ECIP
recipients within 30 days after enactment of the statute.

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