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APRIL 30, 2021

550 Seventeenth Street, N.W.
Washington, D.C. 20429

Supplement Highlights

Regulatory Capital Rule: Emergency Capital Investment Program. The Office of the Comptroller of the Currency, Treasury, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation, in order to support and facilitate the timely implementation and acceptance of the Congressionally authorized Emergency Capital Investment Program (ECIP) for the Department of the Treasury to make capital investments in low- and moderate-income community financial institutions, issued an interim final rule that 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. 86 Fed. Reg. 15081.

See pages 2039–2040

Rule of Supervisory Guidance. Federal Deposit Insurance Corporation (FDIC) adopted a final rule that codifies the Interagency Statement Clarifying the Role of Supervisory Guidance, issued by the FDIC, Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Treasury, National Credit Union Administration, and Bureau of Consumer Financial Protection on September 11, 2018 (2018 Statement). By codifying the 2018 Statement, with amendments, the final rule confirms that the FDIC will continue to follow and respect the limits of administrative law in carrying out its supervisory responsibilities. The 2018 Statement reiterated well-established law by stating that, unlike a law or regulation, supervisory guidance does not have the force and effect of law. As such, supervisory guidance does not create binding legal obligations for the public. Because it is incorporated into the final rule, the 2018 Statement, as amended, is binding on the FDIC. The final rule adopts the rule as proposed without substantive changes. 86 Fed. Reg.

See pages 2240.39–2240.42

Securitization Safe Harbor Rule. Federal Deposit Insurance Corporation corrected the final regulation related to the Securitization Safe Harbor Rule which was published in the Federal Register on March 4, 2020. 86 Fed. Reg. 18180.

See page 3083

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