Wow, thanks KT for the link to HERA'S description of FHFA's powers as Regulator!
So what's the difference between core capital, Tier 1 capital, CET1 capital, and the ERCF?
Under 4502 of HERA-Definitions Section 7:
The term “core capital” means, with respect to an enterprise, the sum of the following (as determined in accordance with generally accepted accounting principles):
(A)The par or stated value of outstanding common stock.
(B)The par or stated value of outstanding perpetual, noncumulative preferred stock.
(C)Paid-in capital.
(D)Retained earnings.
The core capital of an enterprise shall not include any amounts that the enterprise could be required to pay, at the option of investors, to retire capital instruments.