Established by the Consolidated Appropriations Act, 2021, the Emergency Capital Investment Program (ECIP) was created to encourage low- and moderate-income community financial institutions to augment their efforts to support small businesses and consumers in their communities. Under the program, Treasury is providing up to $9 billion in capital directly to depository institutions that are certified Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs). Among other things, these funds are designed to support low- and moderate-income community financial institutions in providing loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, that may be disproportionately impacted by the economic effects of the COVID-19 pandemic.
Through a rate reduction mechanism, ECIP incentivizes participating depository institutions to increase their lending and other investments in low- and moderate-income, rural and minority communities.
11/21/2023 (new): ECIP invites comments on a draft revised Form of Process and Controls Attestation of Independent Auditor. Participants that may be subject to the requirement to submit this attestation are encouraged to share this draft with their auditors for their review. See directions to submit comments. The ECIP team will offer a webinar to familiarize Independent Auditors with the Quarterly Supplemental Report and to answer questions regarding the procedures.
10/25/2023: The Department of the Treasury reports that ECIP participants originated a total of approximately $26 billion in loans in a little more than six months in 2022. Approximately 75%, or $19.4 billion, went to LMI borrowers, borrowers in rural communities, and other categories of Qualified Lending. Approximately one third of the total originations, or $8.6 billion, were Deep Impact loans (a subset of Qualified Lending) made to the hardest-to-serve borrowers, including those that are low-income, residents on Tribal lands and in US Territories, and owners of very small businesses. See here for the full report.
10/05/2023: The Department of the Treasury updated its announcement from September 21, 2022 to reflect it has made over $8.57 billion of investments in 175 community financial institutions across the country through the Emergency Capital Investment Program (ECIP). These funds will support the efforts of community financial institutions to provide loans, grants, and other assistance to small and minority-owned businesses and consumers, especially in low-income and financially underserved communities that struggled during the COVID-19 crisis. Read the September 21, 2022 press release here.
7/25/2023: For ID.ME login issues please visit the ID.ME Help Center to troubleshoot. If you need additional assistance after troubleshooting, please submit your concern to email@example.com. If you need to attend ECIP meetings or webinars, please visit https://zoom.us/ to download and sign-up.
11/30/2022: The Department of Treasury releases information on participants that reported the highest levels of lending to LMI borrowers, Other Targeted Populations and other categories of Deep Impact Lending. View the lists here.
ECIP IMPACT Portal (Investment Monitoring Portal and Compliance Tracker)
For questions and concerns regarding legal documents, send an email to firstname.lastname@example.org. Legal documents posted here are for information purposes only.
3/29/2022: Senior Preferred - Securities Purchase Agreement
3/29/2022: Senior Preferred - Certificate of designations
3/29/2022: Senior Preferred - Letter Agreement
8/11/2021: Senior Preferred Term Sheet
3/29/2022: Credit Unions - Securities Purchase Agreement
3/29/2022: Credit Unions - Form of Subordinated Securities
3/29/2022: Credit Unions - Letter Agreement
8/11/2021: Subordinated Debt Term Sheet for Credit Unions
Mutuals and S Corporations
3/29/2022: Mutuals and S Corp - Security Purchase Agreement
3/29/2022: Mutuals and S Corp - Form of Subordinated Securities
3/29/2022: Mutuals and S Corp - Letter Agreement
8/11/2022: Subordinated Debt Term Sheet for Mutual Institutions and S Corporations
4/13/2022: Legal FAQs
Rate Reduction Incentive Guidelines
Interim Final Rule - ECIP Restrictions on Executive Compensation, Share Buybacks, and Dividends
7/19/2023: Voluntary Impact Highlight Report form – Participants are encouraged to report high-impact loans, financial services, and initiatives undertaken after ECIP investment. Reports are completed electronically through ECIP IMPACT.
06/05/2023: ECIP QSR Webinar from August 2022.
4/21/2023: Quarterly Lending Reporting Webinar slides.
Quarterly Supplemental Report
06/05/2023: QSR Reference Dataset. Participants should use this data in connection with determination and reporting of Qualified and Deep Impact lending to prepare QSRs.
INSURED DEPOSITORY INSTITUTIONS and HOLDING COMPANIES
7/20/2023: QSR Template - BHC
7/20/2023: QSR Template - CU
- 7/19/2023: Form of Process and Controls Certification: Current Version
- 7/19/2023: Form of Interim Final Rule Certification: Current Version
- 7/19/2023: Form of Process and Controls Attestation of Independent Auditor: Current Version
11/21/2023: Form of Process and Controls Attestation of Independent Auditor: Proposed Revision
Procedures to Evaluate Emergency Capital Investment Program (ECIP) Quarterly Supplemental Reports in Connection with Auditor Attestations
Procedures to Evaluate Emergency Capital Investment Program (ECIP) Initial Supplemental Reports in Connection with Auditor Attestations
Initial Supplementary Report (ISR) - Qualified Lending Baseline
Participants in the Emergency Capital Investment Program are required to calculate and provide their baseline amount of qualified lending through an Initial Supplemental Report. This baseline will be used to calculate the dividend or interest rates applicable to each participant in accordance with the Rate Reduction Incentive Guidelines and the ECIP legal agreements. Participants will be required to submit their Initial Supplemental Report 10 business days before closing their investment and receiving their funding. When a participant merges with or acquires a non-participating institution, the surviving entity must submit a supplemental Initial Supplemental Report.
IDIs and Holding Companies
Initial Baseline Reporting
Mergers and Acquisition Reporting
Initial Baseline Reporting
7/19/2023: ISR Instructions for Credit Unions
Mergers and Acquisition Reporting
Initial Supplementary Report Datasets
Area Median Income Dataset
Metropolitan and Non-metropolitan Counties Dataset*
*Rural Communities are counties designated “Non-Metro” in this dataset.
Minority Communities Dataset
Persistent Poverty Counties Dataset
Underserved Communities Dataset
Urban Low-Income Communities Dataset