Comments due: FDIC, Federal Reserve, OCC (interim final rule; Emergency Capital Investment Program)
The Federal Deposit Insurance Corp. (FDIC), Federal Reserve, and Office of the Comptroller of the Currency (OCC) are seeking comments on regulatory capital rule changes to support the Treasury Emergency Capital Investment Program (ECIP). The program, created by statutory provisions responding to the COVID-19 pandemic, will provide capital investments in community development financial institutions (CDFIs) and minority depository institutions (MDIs). The rule provides that preferred stock issued under ECIP qualifies as additional tier 1 capital and that subordinated debt issued under ECIP qualifies as tier 2 capital under the agencies’ capital rule.
Reg lookup: Emergency Capital Investment Program (ECIP)