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Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations screen or the Refine Documents Results options on the left side of the screen. For assistance with the Regulations.gov site, please call 877
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foia/ProposedRegs.cfm as submitted, unless modified for technical reasons or to remove sensitive personally identifiable information at the commenters request. Public comments may also be viewed electronically or in paper form in Room 3515, 1801 K Street NW, Washington, DC 20006 between 9:00 a.m. and 5:00 p.m. on weekdays.
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FOR FURTHER INFORMATION CONTACT:

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OCC: Margot Schwadron, Director, or Andrew Tschirhart, Risk Expert, Capital Policy, 202 6496370; or Carl Kaminski, Special Counsel, or Daniel Perez, Counsel, Chief Counsels Office, 202 6495490, Office of the Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
Board: Constance Horsley, Deputy Associate Director, 202 4525239, Naima Jefferson, Lead Financial Institution Policy Analyst, 202 912
4613, Senait Kahsay, Senior Financial Institution Policy Analyst II, 202 245
4209, Eusebius Luk, Senior Financial Institution Policy Analyst I, 202 452
2874, Division of Supervision and Regulation; Benjamin McDonough, Associate General Counsel, 202 452
2036, Mark Buresh, Senior Counsel, 202 4525270, Mary Watkins, Counsel, 202 4523722, Legal Division, Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551.
FDIC: Benedetto Bosco, Chief, Capital Policy Section, bbosco@fdic.gov; Noah Cuttler, Senior Policy Analyst, ncuttler@
fdic.gov; regulatorycapital@fdic.gov;
Capital Markets Branch, Division of Risk Management Supervision, 202 898
6888; Gregory Feder, Counsel, gfeder@
fdic.gov; Suzanne Dawley, Counsel, sudawley@fdic.gov; Francis Kuo, Counsel, fkuo@fdic.gov; Amanda Ledig, Attorney, aledig@fdic.gov; Supervision and Legislation Branch, Legal Division, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC
20429. For the hearing impaired only, Telecommunication Device for the Deaf TDD, 800 9254618.
SUPPLEMENTARY INFORMATION:
Table of Contents I. Background II. Discussion III. Request for Comment IV. Administrative Law Matters A. Administrative Procedure Act B. Congressional Review Act C. Paperwork Reduction Act D. Regulatory Flexibility Act E. Riegle Community Development and Regulatory Improvement Act of 1994
F. Unfunded Mandates Reform Act of 1995
G. Use of Plain Language
I. Background On December 27, 2020, the Consolidated Appropriations Act, 2021,1 was signed into law and added a new Section 104A to the Community Development Banking and Financial Institutions Act of 1994 the Act.
Section 104A of the Act authorizes the Secretary of the Treasury to establish the Emergency Capital Investment 1 Public
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Program ECIP or Program through which the Department of the Treasury Treasury can make capital investments in certain lowand moderate-income community financial institutions. The Act states that the purpose of these capital investments is to 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 in low-income and underserved communities, including persistent poverty counties, which may be disproportionately impacted by the economic effects of the Coronavirus 2019 COVID19 event.2 Treasurys authority to make capital investments under ECIP is time limited. The Program will end six months after the date on which the national emergency concerning the COVID19 outbreak terminates.3
Under ECIP, a financial institution is generally eligible to receive capital investments from Treasury if it is a lowand moderate-income community financial institution, which is defined by the Act to include any financial institution that is 1 a community development financial institution or minority depository institution,4 and 2
an insured depository institution, bank holding company, savings and loan holding company, or federally insured credit union collectively, eligible banking organizations.
Under ECIP, Treasury can acquire senior preferred stock from eligible banking organizations Senior Preferred Stock. Additionally, if the Secretary of the Treasury determines that an eligible banking organization cannot feasibly issue preferred stock, such as a bank organized as an S corporation 5 or mutual banking organization, Treasury can acquire subordinated debt instruments Subordinated Debt from such an eligible banking organization.6
Under the Act, Treasury is required to seek to establish the terms of preferred stock issued under ECIP to enable such instruments to qualify as tier 1 capital under the respective capital rule of the OCC, Board, and FDIC together, the agencies.7
On March 4, 2021, Treasury published the terms of the Senior 2 Id.
3 Id.
4 The terms Community Development Financial Institution and Minority Depository Institution are defined in section 104A of the Act.
5 An S corporation is corporation that has elected Subchapter S corporation status under the Internal Revenue Code.
6 Section 104Ad5B of the Act.
7 Section 104Af of the Act.

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