Federal Register / Vol. 86, No. 10 / Friday, January 15, 2021 / Rules and Regulations 3761 

PART 611—ADVANCED TECHNOLOGY 

VEHICLES MANUFACTURING 

ASSISTANCE PROGRAM 

■ 2. The authority citation for part 611 

continues to read as follows: 

Authority: Pub. L. 110–140 (42 U.S.C. 

17013), Pub. L. 110–329. 

■ 3. Section 611.2 is revised to read as 

follows: 

§ 611.2 Definitions. 

The definitions contained in this 

section apply to provisions contained in 

both this subpart and subpart B of this 

part. 

Adjusted average fuel economy means 

a harmonic production weighted 

average of the combined fuel economy 

of all vehicles in a fleet, which were 

subject to CAFE. 

Advanced technology vehicle means a 

passenger automobile or light truck that 

meets— 

(1) The Bin 5 Tier II emission 

standard established in regulations 

issued by the Administrator of the 

Environmental Protection Agency under 

section 202(i) of the Clean Air Act (the 

Act) (42 U.S.C. 7521(i)), as of the date 

of application, or a lower-numbered Bin 

emission standard; 

(2) Any new emission standard in 

effect for fine particulate matter 

prescribed by the Administrator under 

the Act (42 U.S.C. 7401 et seq.), as of the 

date of application; and 

(3) At least 125 percent of the 

harmonic production weighted average 

combined fuel economy, for vehicles 

with substantially similar attributes in 

model year 2005. 

Agreement means the contractual loan 

arrangement between DOE and a 

Borrower for a loan made by and 

through the Federal Financing Bank 

with the full faith and credit of the 

United States Government on the 

principal and interest. 

Applicant means a party that submits 

a substantially complete application 

pursuant to this part. 

Application means the compilation of 

the materials required by this part to be 

submitted to DOE by an Applicant. One 

Application can include requests for 

one or more loans and one or more 

projects. However, an Application 

covering more than one project must 

contain complete and separable 

information with respect to each project. 

Automobile is used as that term is 

defined in 49 CFR part 523. 

Borrower means an Applicant that 

receives a loan under the program under 

this part. 

CAFE means the Corporate Average 

Fuel Economy program of the Energy 

Policy and Conservation Act, 49 U.S.C. 

32901 et seq. 

Combined fuel economy means the 

combined city/highway miles per gallon 

values, as are reported in accordance 

with section 32904 of title 49, United 

States Code. If CAFE compliance data is 

not available, the combined average fuel 

economy of a vehicle must be 

demonstrated through the use of a peerreviewed model. 

DOE or Department means the United 

States Department of Energy. 

Eligible Facility means a 

manufacturing facility in the United 

States that produces qualifying 

advanced technology vehicles, or 

qualifying components. 

Eligible Project means: 

(1) Reequipping, expanding, or 

establishing a manufacturing facility in 

the United States to produce qualifying 

advanced technology vehicles, or 

qualifying components; or 

(2) Engineering integration performed 

in the United States for qualifying 

advanced technology vehicles and 

qualifying components; or 

(3) Manufacturing, recycling, 

processing, reprocessing, remediation, 

or reuse of materials, components, or 

subcomponents involving critical 

minerals, critical minerals production, 

or the supply chain for such materials, 

as set forth in Executive Order 13953 

(‘‘Executive Order Addressing the 

Threat to the Domestic Supply Chain 

from Reliance on Critical Minerals from 

Foreign Adversaries,’’ dated September 

20, 2020), and Executive Order 13817 

(‘‘A Federal Strategy to Ensure Secure 

and Reliable Supplies of Critical 

Minerals,’’ dated December 20, 2017), as 

amended. 

Engineering integration costs are the 

costs of engineering tasks relating to— 

(1) Incorporating qualifying 

components into the design of advanced 

technology vehicles; and 

(2) Designing tooling and equipment 

and developing manufacturing 

processes and material suppliers for 

production facilities that produce 

qualifying components or advanced 

technology vehicles. 

Equivalent vehicle means a light-duty 

vehicle of the same vehicle 

classification as specified in 10 CFR part 

523. 

Financially viable means a reasonable 

prospect that the Applicant will be able 

to make payments of principal and 

interest on the loan as and when such 

payments become due under the terms 

of the loan documents, and that the 

Applicant has a net present value that 

is positive, taking all costs, existing and 

future, into account. 

Grantee means an entity awarded a 

grant made pursuant to section 136 of 

the Energy Independence and Security 

Act of 2007 and this part. 

Light-duty vehicle means passenger 

automobiles and light trucks. 

Light truck is used as that term is 

defined in 49 CFR part 523. 

Loan Documents mean the Agreement 

and all other instruments, and all 

documentation among DOE, the 

Borrower, and the Federal Financing 

Bank evidencing the making, 

disbursing, securing, collecting, or 

otherwise administering the loan 

[references to loan documents also 

include comparable agreements, 

instruments, and documentation for 

other financial obligations for which a 

loan is requested or issued]. 

Model year is defined as that term is 

defined in 49 U.S.C. 32901. 

Passenger automobile is used as that 

term is defined in 49 CFR part 523. 

Qualifying components means 

components that the DOE determines 

are: 

(1) Designed for advanced technology 

vehicles; and 

(2) Installed for the purpose of 

meeting the performance requirements 

of advanced technology vehicles; or 

(3) Involving critical minerals, as set 

forth in Executive Order 13953 

(‘‘Executive Order Addressing the 

Threat to the Domestic Supply Chain 

from Reliance on Critical Minerals from 

Foreign Adversaries,’’ dated September 

20, 2020), and Executive Order 13817 

(‘‘A Federal Strategy to Ensure Secure 

and Reliable Supplies of Critical 

Minerals,’’ dated December 20, 2017), as 

amended, as a component of advanced 

technology vehicles. 

Secretary means the United States 

Secretary of Energy. 

Security means all property, real or 

personal, tangible or intangible, 

required by the provisions of the Loan 

Documents to secure repayment of any 

indebtedness of the Borrower under the 

Loan Documents. 

[FR Doc. 2020–29278 Filed 1–14–21; 8:45 am] 

BILLING CODE 6450–01–P 

FEDERAL RESERVE SYSTEM 

12 CFR Part 217 

[Docket R–1703] 

RIN 7100–AF77 

Regulatory Capital Rule: Eligible 

Retained Income; Correction 

AGENCY: Board of Governors of the 

Federal Reserve System. 

3762 Federal Register / Vol. 86, No. 10 / Friday, January 15, 2021 / Rules and Regulations 

1Regulatory Capital Rule: Eligible Retained 

Income, 85 FR 15909 (March 20, 2020). 

2Regulatory Capital Rule and Total LossAbsorbing Capacity Rule: Eligible Retained Income, 

85 FR 63423 (October 8, 2020). The final rule is 

effective January 1, 2021. 1 85 FR 77987 (Dec. 3, 2020). 

ACTION: Final rule; correcting 

amendments. 

SUMMARY: The Board of Governors of the 

Federal Reserve System (Board) is 

correcting changes to the definition of 

eligible retained income in the capital 

rule. This definition is used for 

calculating limitations on capital 

distributions and discretionary bonus 

payments and was adopted in an 

interim final rule published on March 

18, 2020, and as a final rule published 

on October 8, 2020. 

DATES: This correction is effective 

January 15, 2021. 

FOR FURTHER INFORMATION CONTACT: 

Benjamin McDonough, Associate 

General Counsel, (202) 452–2036; Mark 

Buresh, Senior Counsel, (202) 452–5270; 

or Andrew Hartlage, Counsel, (202) 

452–6483, Legal Division, Board of 

Governors of the Federal Reserve 

System, 20th Street and Constitution 

Avenue NW, Washington, DC 20551. 

Users of Telecommunications Device for 

the Deaf (TDD) only, call (202) 263– 

4869. 

SUPPLEMENTARY INFORMATION: The Board 

of Governors of the Federal Reserve 

System (Board) is issuing this correction 

to the definition of eligible retained 

income in the capital rule, 12 CFR part 

217. This definition is used for 

calculating limitations on capital 

distributions and discretionary bonus 

payments and was adopted as an 

interim final rule published on March 

18, 2020 (ERI interim final rule),1 and as 

a final rule published on October 8, 

2020 (ERI final rule).2 In the ERI interim 

final rule, the Board, together with the 

Office of the Comptroller of the 

Currency (OCC) and the Federal Deposit 

Insurance Corporation (FDIC, and 

together with the Board and the OCC, 

the agencies), revised the definition of 

eligible retained income at section 

__.11(a)(2)(i) of the capital rule on an 

interim basis and sought comment on 

the revisions. In the ERI final rule, the 

agencies adopted these changes to the 

definition of eligible retained income, 

introduced through the ERI interim final 

rule, without change. 

On March 20, 2020, the Board 

published in the Federal Register a final 

rule, effective May 18, 2020, 

implementing the stress capital buffer 

requirement in the capital rule (SCB 

final rule), which revised section 217.11 

of the Board’s capital rule generally. The 

SCB final rule revised the definition of 

eligible retained income in section 

217.11 of the Board’s capital rule in a 

manner inconsistent with the the 

Board’s intent in the ERI interim final 

rule and the ERI final rule. The Board 

is issuing this notice to correct the 

definition of eligible retained income so 

that it is consistent with the definition 

established by the ERI interim final rule 

and affirmed by the ERI final rule. 

List of Subjects in 12 CFR Part 217 

Administrative practice and 

procedure; Banks, banking; Capital; 

Federal Reserve System; Holding 

companies. 

12 CFR Chapter II 

Authority and Issuance 

For the reasons set forth in the 

Supplementary Information, chapter II 

of title 12 of the Code of Federal 

Regulations is amended as follows: 

PART 217—CAPITAL ADEQUACY OF 

BANK HOLDING COMPANIES, 

SAVINGS AND LOAN HOLDING 

COMPANIES, AND STATE MEMBER 

BANKS (REGULATION Q) 

■ 1. The authority citation for part 217 

continues to read as follows: 

Authority: 12 U.S.C. 248(a), 321–338a, 

481–486, 1462a, 1467a, 1818, 1828, 1831n, 

1831o, 1831p–1, 1831w, 1835, 1844(b), 1851, 

3904, 3906–3909, 4808, 5365, 5368, 5371, 

5371 note; and Pub. L. 116–136, 134 Stat. 

281. 

■ 2. Section 217.11 is amended by 

revising paragraph (a)(2)(i) to read as 

follows: 

§ 217.11 Capital conservation buffer, 

countercyclical capital buffer amount, and 

GSIB surcharge. 

(a) * * * 

(2) * * * 

(i) Eligible retained income. The 

eligible retained income of a Boardregulated institution is the greater of: 

(A) The Board-regulated institution’s 

net income, calculated in accordance 

with the instructions to the FR Y–9C or 

Call Report, as applicable, for the four 

calendar quarters preceding the current 

calendar quarter, net of any 

distributions and associated tax effects 

not already reflected in net income; and 

(B) The average of the Board-regulated 

institution’s net income, calculated in 

accordance with the instructions to the 

FR Y–9C or Call Report, as applicable, 

for the four calendar quarters preceding 

the current calendar quarter. 

* * * * * 

By order of the Board of Governors of 

the Federal Reserve System, acting 

through the Secretary of the Board 

under delegated authority. 

Ann Misback, 

Secretary of the Board. 

[FR Doc. 2021–00906 Filed 1–14–21; 8:45 am] 

BILLING CODE 6210–01–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Part 1002 

Equal Credit Opportunity (Regulation 

B); Special Purpose Credit Programs 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Advisory opinion. 

SUMMARY: The Bureau of Consumer 

Financial Protection (Bureau) is issuing 

this Advisory Opinion (AO) to address 

regulatory uncertainty regarding 

Regulation B, which implements the 

Equal Credit Opportunity Act, as it 

applies to certain aspects of special 

purpose credit programs designed and 

implemented by for-profit organizations 

to meet special social needs. 

Specifically, this AO clarifies the 

content that a for-profit organization 

must include in a written plan that 

establishes and administers a special 

purpose credit program under 

Regulation B. In addition, this AO 

clarifies the type of research and data 

that may be appropriate to inform a forprofit organization’s determination that 

a special purpose credit program is 

needed to benefit a certain class of 

persons. 

DATES: This advisory opinion is 

effective on January 15, 2021. 

FOR FURTHER INFORMATION CONTACT: 

Christopher Davis, Attorney-Advisor; 

Office of Fair Lending and Equal 

Opportunity, at CFPB_FairLending@

cfpb.gov or 202–435–7000. If you 

require this document in an alternative 

electronic format, please contact CFPB_

Accessibility@cfpb.gov. 

SUPPLEMENTARY INFORMATION: The 

Bureau is issuing this AO through the 

procedures for its Advisory Opinions 

Policy.1 Refer to those procedures for 

more information. 

I. Advisory Opinion 

A. Background 

Congress enacted the Equal Credit 

Opportunity Act (ECOA or the Act) in 

1974, initially prohibiting 

discrimination in credit on the basis of