Emergency Capital Investment Program-Restrictions on Executive Compensation, Share Buybacks, and Dividends
other · Treasury · Rule · Published 2021-03-09 · Effective 2021-03-09 · 86 FR 13449
Document
Document number
2021-04900
Federal Register citation
86 FR 13449
CFR reference
31 CFR 35
Type
Rule
Action
Interim final rule and request for public comment.
Category
other
Sub-agency
Treasury
Publication date
2021-03-09
Effective date
2021-03-09
Treasury docket
Docket No. TREAS-DO-2021-0004
Abstract
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 low- and 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.