15076 Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations

rule does not have sufficient federalism September 23, 2020 through September use the title ‘‘Amendments to the implications to warrant the preparation 20, 2021: Capital Rule to Facilitate the Emergency of a federalism summary impact * * * * * Capital Investment Program’’ to statement. facilitate the organization and Alejandro Mayorkas, distribution of the comments. You may G. Executive Order 12988 (Civil Justice Secretary, U.S. Department of Homeland submit comments by any of the Reform) Security. following methods: [FR Doc. 2021–05872 Filed 3–19–21; 8:45 am] Federal eRulemaking Portal: Go to This rule meets the applicable BILLING CODE 9111–97–P https://www.regulations.gov/. Enter standards set forth in section 3(a) and ‘‘Docket ID OCC–2021–0002’’ in the 3(b)(2) of Executive Order 12988. Search Box and click ‘‘Search.’’ Public H. Paperwork Reduction Act DEPARTMENT OF TREASURY comments can be submitted via the ‘‘Comment’’ box below the displayed This rule does not propose new, or Office of the Comptroller of the document information or by clicking on revisions to existing, ‘‘collection[s] of Currency the document title and then clicking the information’’ as that term is defined ‘‘Comment’’ box on the top-left side of under the Paperwork Reduction Act of 12 CFR Parts 3 and 5 the screen. For help with submitting 1995, Public Law 104–13, 44 U.S.C. effective comments please click on chapter 35, and its implementing [Docket ID OCC–2021–0002] ‘‘View Commenter’s Checklist.’’ For regulations, 5 CFR part 1320. As this is RIN 1557–AF09 assistance with the Regulations.gov site, an extension of a temporary final rule please call (877) 378–5457 (toll free) or and would only span 180 days, USCIS FEDERAL RESERVE SYSTEM (703) 454–9859 Monday-Friday, 9am- does not anticipate a need to update the 5pm ET or email regulations@ Form I–589, Application for Asylum 12 CFR Part 217 erulemakinghelpdesk.com. and for Withholding of Removal, Mail: Chief Counsel’s Office, Attn: despite the existing language on the [Regulation Q; Docket No. R–1741 ] Comment Processing, Office of the Comptroller of the Currency, 400 7th Instructions regarding interpreters, RIN 7100–AG11 because it will be primarily Street SW, Suite 3E–218, Washington, rescheduling interviews that were FEDERAL DEPOSIT INSURANCE DC 20219. cancelled due to COVID–19. USCIS will CORPORATION Hand Delivery/Courier: 400 7th Street SW, Suite 3E–218, Washington, DC post updates on its I–589 website, 12 CFR Part 324 20219. https://www.uscis.gov/i-589, and other Instructions: You must include asylum and relevant web pages RIN 3064–AF73 ‘‘OCC’’ as the agency name and ‘‘Docket regarding the new interview ID OCC–2021–0002’’ in your comment. requirements in this regulation, as well Regulatory Capital Rule: Emergency In general, the OCC will enter all as provide personal notice to applicants Capital Investment Program comments received into the docket and via the interview notices issued to publish the comments on the AGENCY: Office of the Comptroller of the applicants prior to their interview. Regulations.gov website without Currency, Treasury (OCC); Board of change, including any business or List of Subjects in 8 CFR Part 208 Governors of the Federal Reserve personal information provided such as System (Board); and Federal Deposit Administrative practice and name and address information, email Insurance Corporation (FDIC). procedure, Aliens, Immigration, addresses, or phone numbers. Reporting and recordkeeping ACTION: Interim final rule; request for Comments received, including requirements. public comment. attachments and other supporting materials, are part of the public record Accordingly, for the reasons set forth SUMMARY: In order to support and and subject to public disclosure. Do not in the preamble, the Secretary of facilitate the timely implementation and include any information in your Homeland Security amends 8 CFR part acceptance of the Congressionally comment or supporting materials that 208 as follows: authorized Emergency Capital Investment Program (ECIP) for the you consider confidential or PART 208—PROCEDURES FOR Department of the Treasury to make inappropriate for public disclosure. You may review comments and other ASYLUM AND WITHHOLDING OF capital investments in low- and related materials that pertain to this REMOVAL moderate-income community financial action by the following method: institutions, the OCC, Board, and FDIC Go to https://www.regulations.gov/. ■ 1. The authority citation for part 208 (together, the agencies) are issuing an Enter ‘‘Docket ID OCC–2021–0002’’ in continues to read as follows: interim final rule that provides that the Search box and click ‘‘Search.’’ preferred stock issued under ECIP Authority: 8 U.S.C. 1101, 1103, 1158, 1226, Click on the ‘‘Documents’’ tab and then qualifies as additional tier 1 capital and 1252, 1282; Title VII of Pub. L. 110–229; 8 the document’s title. After clicking the that subordinated debt issued under CFR part 2; Pub. L. 115–218. document’s title, click the ‘‘Browse ECIP qualifies as tier 2 capital under the Comments’’ tab. Comments can be ■ 2. Section 208.9(h) introductory text is agencies’ capital rule. viewed and filtered by clicking on the revised to read as follows: DATES: This rule is effective on March ‘‘Sort By’’ drop-down on the right side 22, 2021. Comments must be received of the screen or the ‘‘Refine Results’’ § 208.9 Procedure for interview before an on or before May 21, 2021. asylum officer. options on the left side of the screen. ADDRESSES: Supporting materials can be viewed by * * * * * OCC: Commenters are encouraged to clicking on the ‘‘Documents’’ tab and (h) Asylum applicant interpreters. For submit comments through the Federal filtered by clicking on the ‘‘Sort By’’ asylum interviews conducted between eRulemaking Portal, if possible. Please drop-down on the right side of the

VerDate Sep<11>2014 16:10 Mar 19, 2021 Jkt 253001 PO 00000 Frm 00008 Fmt 4700 Sfmt 4700 E:\FR\FM\22MRR1.SGM 22MRR1 jbell on DSKJLSW7X2PROD with RULES Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations 15077

screen or the ‘‘Refine Documents OCC: Margot Schwadron, Director, or Program (ECIP or Program) through Results’’ options on the left side of the Andrew Tschirhart, Risk Expert, Capital which the Department of the Treasury screen. For assistance with the Policy, (202) 649–6370; or Carl (Treasury) can make capital investments Regulations.gov site, please call (877) Kaminski, Special Counsel, or Daniel in certain low- and moderate-income 378–5457 (toll free) or (703) 454–9859 Perez, Counsel, Chief Counsel’s Office, community financial institutions. The Monday–Friday, 9 a.m.–5 p.m. ET or (202) 649–5490, Office of the Act states that the purpose of these email regulations@ Comptroller of the Currency, 400 7th capital investments is to support the erulemakinghelpdesk.com. Street SW, Washington, DC 20219. efforts of low- and moderate-income The docket may be viewed after the Board: Constance Horsley, Deputy community financial institutions to, close of the comment period in the same Associate Director, (202) 452–5239, among other things, provide loans, manner as during the comment period. Naima Jefferson, Lead Financial grants, and forbearance for small Board: You may submit comments, Institution Policy Analyst, (202) 912– businesses, minority-owned businesses, identified by Docket No. R–1741 and 4613, Senait Kahsay, Senior Financial and consumers in low-income and RIN No. 7100–AG11, by any of the Institution Policy Analyst II, (202) 245– underserved communities, including following methods: 4209, Eusebius Luk, Senior Financial persistent poverty counties, which may Agency Website: http:// Institution Policy Analyst I, (202) 452– be disproportionately impacted by the www.federalreserve.gov. Follow the 2874, Division of Supervision and economic effects of the Coronavirus instructions for submitting comments at Regulation; Benjamin McDonough, 2019 (COVID–19) event.2 Treasury’s https://www.federalreserve.gov/apps/ Associate General Counsel, (202) 452– authority to make capital investments foia/proposedregs.aspx. 2036, Mark Buresh, Senior Counsel, under ECIP is time limited. The Program Email: regs.comments@ (202) 452–5270, Mary Watkins, Counsel, will end six months after the date on federalreserve.gov. Include docket (202) 452–3722, Legal Division, Board of which the national emergency number and RIN in the subject line of Governors of the Federal Reserve concerning the COVID–19 outbreak the message. System, 20th and C Streets NW, terminates.3 Fax: (202) 452–3819 or (202) 452– Washington, DC 20551. Under ECIP, a financial institution is 3102. FDIC: Benedetto Bosco, Chief, Capital generally eligible to receive capital Mail: Ann E. Misback, Secretary, Policy Section, [email protected]; Noah investments from Treasury if it is a low- Board of Governors of the Federal Cuttler, Senior Policy Analyst, ncuttler@ and moderate-income community Reserve System, 20th Street and fdic.gov; [email protected]; financial institution, which is defined Constitution Avenue NW, Washington, Capital Markets Branch, Division of Risk by the Act to include any financial DC 20551. Management Supervision, (202) 898– institution that is (1) a community All public comments are available 6888; Gregory Feder, Counsel, gfeder@ development financial institution or from the Board’s website at http:// fdic.gov; Suzanne Dawley, Counsel, minority depository institution,4 and (2) www.federalreserve.gov/generalinfo/ [email protected]; Francis Kuo, an insured depository institution, bank foia/ProposedRegs.cfm as submitted, Counsel, [email protected]; Amanda Ledig, holding company, savings and loan unless modified for technical reasons or Attorney, [email protected]; Supervision holding company, or federally insured to remove sensitive personally and Legislation Branch, Legal Division, credit union (collectively, eligible identifiable information at the Federal Deposit Insurance Corporation, banking organizations). commenter’s request. Public comments 550 17th Street NW, Washington, DC Under ECIP, Treasury can acquire may also be viewed electronically or in 20429. For the hearing impaired only, senior preferred stock from eligible paper form in Room 3515, 1801 K Street Telecommunication Device for the Deaf banking organizations (Senior Preferred NW, Washington, DC 20006 between (TDD), (800) 925–4618. Stock). Additionally, if the Secretary of 9:00 a.m. and 5:00 p.m. on weekdays. SUPPLEMENTARY INFORMATION: the Treasury determines that an eligible banking organization cannot feasibly FDIC: You may submit comments Table of Contents using any of the following methods: issue preferred stock, such as a bank 5 Agency Website: https:// I. Background organized as an S corporation or www.fdic.gov/regulations/laws/federal. II. Discussion mutual banking organization, Treasury III. Request for Comment can acquire subordinated debt Follow the instructions for submitting IV. Administrative Law Matters comments on the agency website. instruments (Subordinated Debt) from A. Administrative Procedure Act such an eligible banking organization.6 Email: [email protected]. Include B. Congressional Review Act RIN 3064–AF73 on the subject line of C. Paperwork Reduction Act Under the Act, Treasury is required to the message. D. Regulatory Flexibility Act seek to establish the terms of preferred Mail: James P. Sheesley, Assistant E. Riegle Community Development and stock issued under ECIP to enable such Executive Secretary, Attention: Regulatory Improvement Act of 1994 instruments to qualify as tier 1 capital Comments RIN 3064–AF73, Federal F. Unfunded Mandates Reform Act of 1995 under the respective capital rule of the G. Use of Plain Language Deposit Insurance Corporation, 550 17th OCC, Board, and FDIC (together, the 7 Street NW, Washington, DC 20429. I. Background agencies). Hand Delivery: Comments may be On March 4, 2021, Treasury On December 27, 2020, the published the terms of the Senior hand delivered to the guard station at Consolidated Appropriations Act, the rear of the 550 17th Street NW 1 2021, was signed into law and added 2 Id. building (located on F Street) on a new Section 104A to the Community 3 Id. business days between 7 a.m. and 5 p.m. Development Banking and Financial 4 The terms ‘‘Community Development Financial Public Inspection: All comments Institutions Act of 1994 (the Act). Institution’’ and ‘‘Minority Depository Institution’’ received, including any personal Section 104A of the Act authorizes the are defined in section 104A of the Act. information provided, will be posted 5 An S corporation is corporation that has elected Secretary of the Treasury to establish Subchapter S corporation status under the Internal generally without change to https:// the Emergency Capital Investment Revenue Code. www.fdic.gov/regulations/laws/federal. 6 Section 104A(d)(5)(B) of the Act. FOR FURTHER INFORMATION CONTACT: 1 Public Law 116–260. 7 Section 104A(f) of the Act.

VerDate Sep<11>2014 16:10 Mar 19, 2021 Jkt 253001 PO 00000 Frm 00009 Fmt 4700 Sfmt 4700 E:\FR\FM\22MRR1.SGM 22MRR1 jbell on DSKJLSW7X2PROD with RULES 15078 Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations

Preferred Stock and Subordinated Debt.8 characteristics that are similar to those added to a subordinated debt document As described in the terms published by of instruments that qualify under the pursuant to requirements imposed by Treasury, Senior Preferred Stock issued agencies’ capital rule as additional tier the Treasury Department for purposes of under ECIP will be noncumulative, 1 capital and tier 2 capital, respectively. ECIP will not be considered, under perpetual preferred stock that is senior As discussed above, the Act directs the paragraph (d)(2) of section 5.47, to to the issuer’s common stock and pari Secretary of the Treasury to seek to unduly restrict or otherwise act to passu with (or, in some cases, senior to) establish the terms of the Senior unduly limit the authority of a national the issuer’s most senior class of existing Preferred Stock to enable these bank or interfere with the OCC’s preferred stock. Subordinated Debt instruments to receive ‘‘Tier 1’’ capital supervision of the national bank. issued under ECIP will be unsecured treatment. Further, the establishment of III. Request for Comment subordinated debt. The Subordinated ECIP and the capital investments being Debt will rank junior to all other debt made thereunder help support the The agencies seek comment on all of the issuer except that it will rank efforts of low- and moderate-income aspects of this interim final rule. In senior to mutual capital certificates or community financial institutions to particular, the agencies seek comment similar instruments issued by a mutual provide financial intermediary services on the regulatory capital treatment of banking organization and to any equity in low-income and underserved the Senior Preferred Stock and instruments issued by an S corporation. communities. To facilitate Subordinated Debt issued under ECIP Under the terms of Senior Preferred implementation of ECIP, the agencies and on the following specific question: Stock, participating eligible banking are revising the capital rule to provide Question: For banking organizations organizations will not be required to pay that the Senior Preferred Stock will subject to the Board’s Small Bank dividends until two years after issuance qualify as additional tier 1 capital and Holding Company and Savings and of the Senior Preferred Stock, and then Subordinated Debt will qualify as tier 2 Loan Holding Company Policy will be subject to a noncumulative capital.11 12 These revisions are based on Statement, what are the advantages and dividend with a rate not to exceed 2 the terms and conditions of the Senior disadvantages of including Senior percent that may fluctuate based on Preferred Stock and Subordinated Debt Preferred Stock as equity and certain lending growth criteria applied provided in the Senior Preferred Stock Subordinated Debt as debt for purposes to the issuer. A participating eligible term sheet and the Subordinated Debt of meeting the debt-to-equity ratio? banking organization is prohibited from term sheet published by the U.S. What are the advantages and paying dividends under certain Department of the Treasury on March 4, disadvantages of including Senior circumstances, including if the 2021. If the terms and conditions for the Preferred Stock subject to the limits participating eligible banking Senior Preferred Stock or Subordinated described in the Policy Statement as organization determines that the Debt are modified in the future such redeemable preferred stock? What are payment would be detrimental to the that they differ materially from the the advantages and disadvantages of financial health of the institution. Under terms and conditions provided in the excluding Subordinated Debt from debt the terms of the Subordinated Debt, term sheets, the agencies may reevaluate for purposes of the debt-to-equity ratio? interest payments on the Subordinated whether such capital treatment remains IV. Administrative Law Matters Debt would be subject to determinants appropriate. and constraints similar to those In addition, the OCC is adding A. Administrative Procedure Act described above, but the interest language to its licensing rule, which sets The agencies are issuing the interim payments would be cumulative and forth certain requirements applicable to final rule without prior notice and the deferrable. subordinated debt issued by a national opportunity for public comment and the The Act requires Treasury to establish bank. Paragraph (d)(2) of section 5.47 30-day delayed effective date ordinarily restrictions on executive compensation, prohibits a national bank from including prescribed by the Administrative share buybacks, and dividend payments in a subordinated debt note any Procedure Act (APA).13 Pursuant to for issuers of capital instruments issued provision or covenant that unduly section 553(b)(B) of the APA, general under ECIP, as well as restrictions on restricts or otherwise acts to unduly notice and the opportunity for public conflicts of interest.9 The Act permits limit the authority of a national bank or comment are not required with respect Treasury to establish other terms and interferes with the OCC’s supervision of to a rulemaking when an ‘‘agency for conditions for participation in ECIP. On the national bank. To facilitate the good cause finds (and incorporates the March 4, 2021, Treasury issued an ability of a national bank to issue finding and a brief statement of reasons interim final rule that established subordinated debt through ECIP, the therefore in the rules issued) that notice restrictions on executive compensation, OCC is adding new paragraph (j) to and public procedure thereon are capital distributions, and luxury section 5.47. This new paragraph impracticable, unnecessary, or contrary expenditures for ECIP.10 clarifies that provisions and covenants to the public interest.’’ 14 As discussed above, the purpose of II. Discussion 11 See 12 CFR 3.20 (OCC); 12 CFR 217.20 (Board); capital investments made under ECIP is The Senior Preferred Stock and 12 CFR 324.20 (FDIC). to support the efforts of low- and Subordinated Debt will feature 12 Certain small bank holding companies and savings and loan holdings companies are subject to moderate-income community financial the Board’s Small Bank Holding Company and institutions and the communities they 8 The term sheets for the Senior Preferred Stock Savings and Loan Holding Company Policy serve, which may be disproportionately and Subordinated Debt may be found on Treasury’s Statement (12 CFR part 225, app. C) rather than the impacted by the economic effects of the website. For a complete description of the terms of Board’s capital rule. The Policy Statement requires the instruments, see https://home.treasury.gov/ subject companies to maintain specified debt-to- COVID–19 event. The Act also requires policy-issues/cares/emergency-capital-investment- equity ratios and specifies how certain types of debt Treasury to seek to establish the terms program. instruments and preferred stock instruments are to of senior preferred stock instruments 9 Section 104A(h) of the Act. be included for purposes of the debt-to-equity issued under the Program such that 10 See Emergency Capital Investment Program— ratios. For purposes of the Policy Statement, Senior these instruments would be considered Restrictions on Executive Compensation, Share Preferred Stock issued under ECIP is redeemable Buybacks, and Dividends, https:// preferred stock, which is subject to certain home.treasury.gov/system/files/136/ECIP-interim- limitations under the Policy Statement, and 13 5 U.S.C. 553. final-rule.pdf. Subordinated Debt issued under ECIP is debt. 14 5 U.S.C. 553(b)(B).

VerDate Sep<11>2014 16:10 Mar 19, 2021 Jkt 253001 PO 00000 Frm 00010 Fmt 4700 Sfmt 4700 E:\FR\FM\22MRR1.SGM 22MRR1 jbell on DSKJLSW7X2PROD with RULES Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations 15079

additional tier 1 capital under the or is likely to result in (A) an annual proposed rulemaking pursuant to 5 agencies’ capital rule. effect on the economy of $100,000,000 U.S.C. 553(b). As discussed previously, The agencies believe that the public or more; (B) a major increase in costs or consistent with section 553(b)(B) of the interest is best served by implementing prices for consumers, individual APA, the agencies have determined for the interim final rule immediately upon industries, Federal, State, or local good cause that general notice and publication in the Federal Register. The government agencies or geographic opportunity for public comment is interim final rule will facilitate regions; or (C) significant adverse effects unnecessary, and therefore the agencies implementation of ECIP by providing on competition, employment, are not issuing a notice of proposed certainty that the Senior Preferred Stock investment, productivity, innovation, or rulemaking. Accordingly, the agencies may be included in additional tier 1 on the ability of United States-based have concluded that the RFA’s capital and Subordinated Debt may be enterprises to compete with foreign- requirements relating to initial and final included in tier 2 capital under the based enterprises in domestic and regulatory flexibility analysis do not capital rule. As noted above, Treasury’s export markets. apply. authority to make new capital For the same reasons set forth above, Nevertheless, the agencies seek investments in ECIP will end six the agencies are adopting the interim comment on whether, and the extent to months after the date on which the final rule without the delayed effective which, the interim final rule would national emergency concerning the date generally prescribed under the affect a significant number of small COVID–19 outbreak declared by the CRA. The delayed effective date entities. President on March 13, 2020, under the required by the CRA does not apply to National Emergencies Act terminates.15 any rule for which an agency for good E. Riegle Community Development and For these reasons, the agencies find that cause finds (and incorporates the Regulatory Improvement Act of 1994 there is good cause consistent with the finding and a brief statement of reasons Section 302(a) of the Riegle public interest to issue the rule without therefor in the rule issued) that notice Community Development and advance notice and comment.16 and public procedure thereon are Regulatory Improvement Act of 1994 The APA also requires a 30-day impracticable, unnecessary, or contrary (RCDRIA) 25 requires that each federal delayed effective date, except for (1) to the public interest.21 banking agency, in determining the substantive rules that grant or recognize As required by the CRA, the agencies effective date and administrative an exemption or relieve a restriction; (2) will submit the interim final rule and compliance requirements for new interpretative rules and statements of other appropriate reports to Congress regulations that impose additional policy; or (3) as otherwise provided by and the Government Accountability reporting, disclosure, or other the agency for good cause.17 Because the Office for review. requirements on insured depository interim final rule relieves a restriction, C. Paperwork Reduction Act institutions, each federal banking the interim final rule is exempt from the agency must consider, consistent with APA’s delayed effective date The Paperwork Reduction Act of 1995 principles of safety and soundness and requirement.18 (PRA) states that no agency may the public interest, any administrative In addition, the agencies find good conduct or sponsor, nor is the burdens that regulations would place on cause to publish the interim final rule respondent required to respond to, an depository institutions, including small with an immediate effective date for the information collection unless it displays depository institutions, and customers same reasons set forth above under the a currently valid OMB control 22 of depository institutions, as well as the discussion of section 553(b)(B) of the number. The agencies have reviewed benefits of such regulations. APA. While the agencies believe that this interim final rule and have determined that this interim final rule In addition, section 302(b) of RCDRIA there is good cause to issue the interim requires new regulations and final rule without advance notice and does not introduce any new information collections or revise any existing amendments to regulations that impose comment and with an immediate additional reporting, disclosures, or effective date, as noted, the agencies are information collections pursuant to the PRA for the agencies. In addition, the other new requirements on insured interested in the views of the public on depository institutions generally to take all aspects of the interim final rule. Board has reviewed this interim final rule pursuant to authority delegated by effect on the first day of a calendar B. Congressional Review Act OMB. Therefore, no submissions will be quarter that begins on or after the date on which the regulations are published For purposes of Congressional Review made by the agencies to OMB for in final form.26 The agencies have Act (CRA), the Office of Management review. determined that the final rule would not and Budget (OMB) makes a D. Regulatory Flexibility Act impose additional reporting, disclosure, determination as to whether a final rule or other requirements; therefore, the constitutes a ‘‘major’’ rule.19 If a rule is The Regulatory Flexibility Act 23 requirements of the RCDRIA do not deemed a ‘‘major rule’’ by the OMB, the (RFA) requires an agency to consider apply. CRA generally provides that the rule whether the rules it proposes will have may not take effect until at least 60 days a significant economic impact on a F. Unfunded Mandates Reform Act of following its publication.20 substantial number of small entities.24 1995 The CRA defines a ‘‘major rule’’ as The RFA applies only to rules for which The OCC analyzes proposed rules for any rule that the Administrator of the an agency publishes a general notice of the factors listed in Section 202 of the Office of Information and Regulatory 21 Unfunded Mandates Reform Act of 1995 Affairs of the OMB finds has resulted in 5 U.S.C. 808. 22 44 U.S.C. 3501–3521. before promulgating a final rule for 23 5 U.S.C. 601 et seq. 15 Public Law 116–260. which a general notice of proposed 24 Under regulations issued by the Small Business 27 16 5 U.S.C. 553(b)(B). rulemaking was published. As Administration, a small entity includes a depository 17 5 U.S.C. 553(d). institution, bank holding company, or savings and 18 5 U.S.C. 553(d)(1). loan holding company with total assets of $600 25 12 U.S.C. 4802(a). 19 5 U.S.C. 801 et seq. million or less and trust companies with total assets 26 12 U.S.C. 4802. 20 5 U.S.C. 801(a)(3). of $41.5 million or less. See 13 CFR 121.201. 27 2 U.S.C. 1532.

VerDate Sep<11>2014 16:10 Mar 19, 2021 Jkt 253001 PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 E:\FR\FM\22MRR1.SGM 22MRR1 jbell on DSKJLSW7X2PROD with RULES 15080 Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations

discussed above, the OCC has Department of the Treasury Authority: 12 U.S.C. 1 et seq., 24a, 35, 93a, determined that publication of a general 214a, 215, 215a, 215a–1, 215a–2, 215a–3, Office of the Comptroller of the 215c, 371d, 481, 1462a, 1463, 1464, 1817(j), notice of proposed rulemaking is not in Currency the public interest. 1831i, 1831u, 2901 et seq., 3101 et seq., 3907, Authority and Issuance and 5412(b)(2)(B). G. Use of Plain Language For the reasons stated in the joint ■ 4. Section 5.47 is amended by adding Section 722 of the Gramm-Leach- preamble, the Office of the Comptroller paragraph (j): 28 Bliley Act requires the Federal of the Currency amends chapter I of § 5.47 Subordinated debt issued by a banking agencies to use plain language Title 12 of the Code of Federal national bank. in all proposed and final rules Regulations as follows: * * * * * published after January 1, 2000. In light (j) Subordinated debt issued under the of this requirement, the agencies have PART 3—CAPITAL ADEQUACY Emergency Capital Investment Program. sought to present the interim final rule STANDARDS A provision or covenant included in a in a simple and straightforward manner ■ 1. The authority citation for part 3 subordinated debt document does not and invite comment on the use of plain continues to read as follows: unduly restrict or otherwise act to language. For example: • Authority: 12 U.S.C. 93a, 161, 1462, unduly limit the authority of a national Is the material organized to suit bank or interfere with the OCC’s your needs? If not, how could the 1462a, 1463, 1464, 1818, 1828(n), 1828 note, 1831n note, 1835, 3907, 3909, 5412(b)(2)(B), supervision of the national bank, for agencies present the interim final rule and Pub. L. 116–136, 134 Stat. 281. purposes of paragraph (d)(2) of this more clearly? ■ 2. Section 3.20 is amended by: section, if the provision or covenant is • Are the requirements in the interim ■ a. Redesignating footnotes 11 through included pursuant to requirements final rule clearly stated? If not, how 15 as footnotes 1 through 5, footnote 16 imposed by the U.S. Department of the could the interim final rule be more as footnote 7, and footnotes 17 through Treasury and the subordinated debt is clearly stated? issued under the U.S. Department of the • 20 as footnotes 8 through 11, Does the interim final rule contain respectively; Treasury’s Emergency Capital technical language or jargon that is not ■ b. Redesignating paragraph (c)(3) as Investment Program pursuant to section clear? If so, which language requires paragraph (c)(3)(i); 104A of the Community Development clarification? ■ c. Adding paragraph (c)(3)(ii); Banking and Financial Institutions Act • Would a different format (grouping ■ d. Redesignating paragraph (d)(4) as of 1994, added by the Consolidated and order of sections, use of headings, paragraph (d)(4)(i); and Appropriations Act, 2021. paragraphing) make the interim final ■ e. Adding paragraph (d)(4)(ii). Board of Governors of the Federal rule easier to understand? If so, what The additions and revisions read as Reserve System changes would achieve that? follows: • 12 CFR Chapter II Is this section format adequate? If § 3.20 Capital components and eligibility not, which of the sections should be criteria for regulatory capital instruments. Authority and Issuance changed and how? * * * * * • For the reasons stated in the What other changes can the (c) * * * preamble, the Board of Governors of the agencies incorporate to make the (3) * * * Federal Reserve System amends 12 CFR interim final rule easier to understand? (ii) Any preferred stock instruments chapter II as follows: issued under the U.S. Department of the List of Subjects Treasury’s Emergency Capital PART 217—CAPITAL ADEQUACY OF 12 CFR Part 3 Investment Program pursuant to section BANK HOLDING COMPANIES, 104A of the Community Development Administrative practice and SAVINGS AND LOAN HOLDING Banking and Financial Institutions Act procedure, Capital, National banks, COMPANIES, AND STATE MEMBER of 1994, added by the Consolidated Risk. BANKS (REGULATION Q) Appropriations Act, 2021.6 12 CFR Part 5 * * * * * ■ 5. The authority citation for part 217 continues to read as follows: Administrative practice and (d) * * * (4) * * * Authority: 12 U.S.C. 248(a), 321–338a, procedure, Federal savings associations, (ii) Any debt instruments issued National banks, Reporting and 481–486, 1462a, 1467a, 1818, 1828, 1831n, under the U.S. Department of the 1831o, 1831p–1, 1831w, 1835, 1844(b), 1851, recordkeeping requirements, Securities. Treasury’s Emergency Capital 3904, 3906–3909, 4808, 5365, 5368, 5371, 12 CFR Part 217 Investment Program pursuant to section 5371 note, and sec. 4012, Pub. L. 116–136, 104A of the Community Development 134 Stat. 281. Administrative practice and Banking and Financial Institutions Act ■ 6. Section 217.20 is amended by: procedure, Banks, Banking, Capital, of 1994, added by the Consolidated ■ a. Redesignating paragraph (c)(3) as Federal Reserve System, Holding Appropriations Act, 2021.12 paragraph (c)(3)(i); companies. * * * * * ■ b. Adding paragraph (c)(3)(ii); 12 CFR Part 324 ■ c. Redesignating paragraph (d)(4) as PART 5—RULES, POLICIES, AND paragraph (d)(4)(i); and Administrative practice and PROCEDURES FOR CORPORATE ■ d. Adding paragraph (d)(4)(ii). procedure, Banks, Banking, Confidential ACTIVITIES The additions and revisions read as business information, Investments, follows: Reporting and recordkeeping ■ 3. The authority citation for part 5 requirements, Savings associations. continues to read as follows: § 217.20 Capital components and eligibility criteria for regulatory capital instruments. 28 Public Law 106–102, 113 Stat. 1338, 1471, 12 6 Public Law 116–260. * * * * * U.S.C. 4809. 12 Public Law 116–260. (c) * * *

VerDate Sep<11>2014 16:10 Mar 19, 2021 Jkt 253001 PO 00000 Frm 00012 Fmt 4700 Sfmt 4700 E:\FR\FM\22MRR1.SGM 22MRR1 jbell on DSKJLSW7X2PROD with RULES Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations 15081

(3) * * * (c) * * * effective no earlier than the expiration (ii) Any preferred stock instrument (3) * * * of 30 days after publication in the issued under the U.S. Department of the (ii) Any preferred stock instruments Federal Register during which either or Treasury’s Emergency Capital issued under the U.S. Department of the both Houses of Congress are in session. Investment Program pursuant to section Treasury’s Emergency Capital Pursuant to 12 U.S.C. 2252(c)(1), FCA 104A of the Community Development Investment Program pursuant to section will publish notification of the effective Banking and Financial Institutions Act 104A of the Community Development date in the Federal Register. of 1994, added by the Consolidated Banking and Financial Institutions Act ADDRESSES: For accuracy and efficiency Appropriations Act, 2021.16 of 1994, added by the Consolidated reasons, please submit comments by * * * * * Appropriations Act, 2021.17 email or through FCA’s website. We do (d) * * * * * * * * not accept comments submitted by (4) * * * (d) * * * facsimiles (fax), as faxes are difficult for (ii) Any debt instrument issued under (4) * * * us to process and achieve compliance the U.S. Department of the Treasury’s (ii) Any debt instruments issued with section 508 of the Rehabilitation Emergency Capital Investment Program under the U.S. Department of the Act of 1973. Please do not submit your pursuant to section 104A of the Treasury’s Emergency Capital comment multiple times via different Community Development Banking and Investment Program pursuant to section methods. You may submit comments by Financial Institutions Act of 1994, 104A of the Community Development any of the following methods: added by the Consolidated Banking and Financial Institutions Act • Email: Send us an email at reg- Appropriations Act, 2021.21 of 1994, added by the Consolidated [email protected]. 23 * * * * * Appropriations Act, 2021. • FCA Website: http://www.fca.gov. * * * * * Click inside the ‘‘I want to. . .’’ field Federal Deposit Insurance Corporation near the top of the page; select Blake J. Paulson, 12 CFR Chapter III ‘‘comment on a pending regulation’’ Acting Comptroller of the Currency. from the dropdown menu; and click Authority and Issuance By order of the Board of Governors of the ‘‘Go.’’ This takes you to an electronic For the reasons stated in the Federal Reserve System. public comment form. preamble, the Federal Deposit Insurance Ann Misback, • Mail: Kevin J. Kramp, Director, Corporation amends chapter III of Title Secretary of the Board. Office of Regulatory Policy, Farm Credit 12 of the Code of Federal Regulations as Federal Deposit Insurance Corporation. Administration, 1501 Farm Credit Drive, follows: McLean, VA 22102–5090. By order of the Board of Directors. You may review copies of comments PART 324—CAPITAL ADEQUACY OF Dated at Washington, DC, on or about we receive on our website at http:// March 5, 2021. FDIC–SUPERVISED INSTITUTIONS www.fca.gov. Once you are on the James P. Sheesley, website, click inside the ‘‘I want to ■ 7. The authority citation for part 324 Assistant Executive Secretary. continues to read as follows: . . .’’ field near the top of the page; [FR Doc. 2021–05443 Filed 3–19–21; 8:45 am] select ‘‘find comments on a pending Authority: 12 U.S.C. 1815(a), 1815(b), BILLING CODE 4810–33–P; 6714–01–P; 6210–01–P regulation’’ from the dropdown menu; 1816, 1818(a), 1818(b), 1818(c), 1818(t), and click ‘‘Go.’’ This will take you to the 1819(Tenth), 1828(c), 1828(d), 1828(i), Comment Letters page where you can 1828(n), 1828(o), 1831o, 1835, 3907, 3909, FARM CREDIT ADMINISTRATION 4808; 5371; 5412; Pub. L. 102–233, 105 Stat. select the regulation for which you would like to read the public comments. 1761, 1789, 1790 (12 U.S.C. 1831n note); Pub. 12 CFR Part 627 L. 102–242, 105 Stat. 2236, 2355, as amended We will show your comments as by Pub. L. 103–325, 108 Stat. 2160, 2233 (12 RIN 3052–AD46 submitted, including any supporting U.S.C. 1828 note); Pub. L. 102–242, 105 Stat. data provided, but for technical reasons 2236, 2386, as amended by Pub. L. 102–550, Title IV Conservators and Receivers we may omit items such as logos and 106 Stat. 3672, 4089 (12 U.S.C. 1828 note); AGENCY: Farm Credit Administration. special characters. Identifying Pub. L. 111–203, 124 Stat. 1376, 1887 (15 information that you provide, such as ACTION: Direct final rule. U.S.C. 78o–7 note); Pub. L. 115–174; section phone numbers and addresses, will be 4014 § 201, Pub. L. 116–136, 134 Stat. 281 (15 U.S.C. 9052). SUMMARY: The Farm Credit publicly available. However, we will Administration (FCA, we, or our) issues attempt to remove email addresses to ■ 8. Amend § 324.20 by: help reduce internet spam. You may ■ this direct final rule to repeal certain a. Redesignating footnotes 17 through regulations in part 627 that have been also review comments at our office in 21 as footnotes 18 through 22; superseded by section 5412 of the McLean, Virginia. Please call us at (703) ■ b. Redesignating paragraph (c)(3) as Agricultural Improvement Act of 2018 883–4056 or email us at reg-comm@ paragraph (c)(3)(i); (2018 Farm Bill), which strengthens, fca.gov to make an appointment. ■ c. Adding paragraph (c)(3)(ii); clarifies, and updates the authorities of FOR FURTHER INFORMATION CONTACT: ■ d. Redesignating paragraph (d)(4) as the Farm Credit System Insurance Technical information: Ryan Leist, paragraph (d)(4)(i); and Corporation (FSCIC or Insurance ■ e. Adding paragraph (d)(4)(ii). [email protected], Senior Accountant, or Corporation) to act as a conservator or The additions and revisions read as Jeremy R. Edelstein, [email protected], receiver of a Farm Credit System (FCS follows: Associate Director, Finance and Capital or System) institution. Markets Team, Office of Regulatory § 324.20 Capital components and eligibility DATES: If no significant adverse Policy, Farm Credit Administration, criteria for regulatory capital instruments. comment is received on or before April McLean, VA 22102–5090, (703) 883– * * * * * 21, 2021, this regulation shall become 4414, TTY (703) 883–4056 or [email protected]; or 16 Public Law 116–260. 17 Public Law 116–260. Legal information: Richard Katz, 21 Public Law 116–260. 23 Public Law 116–260. [email protected], Senior Counsel, Office

VerDate Sep<11>2014 16:10 Mar 19, 2021 Jkt 253001 PO 00000 Frm 00013 Fmt 4700 Sfmt 4700 E:\FR\FM\22MRR1.SGM 22MRR1 jbell on DSKJLSW7X2PROD with RULES