Emergency Capital Investment Program

Supporting the Efforts of Low- and Moderate-Income Community Financial Institutions

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 will provide up to $9 billion in capital directly to depository institutions that are certified Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs) to, among other things, provide 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.  Treasury will set aside $2 billion for CDFIs and MDIs with less than $500 million in assets and an additional $2 billion for CDFIs and MDIs with less than $2 billion in assets.  

 

Announcements

9/21/2022 (new): The Department of the Treasury announced that it has made over $8.28 billion of investments in 162 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 full press release here.

  • View the full list of ECIP participants here.
  • View a state-by-state breakdown of ECIP participants.
  • Treasury’s implementation of ECIP was assisted by its financial agents CastleOak Securities, L.P. and Piper Sandler & Co, which provided advisory services, analysis, and advice related to Treasury’s investments in eligible ECIP applicants. The Bank of New York Mellon serves as Treasury’s custodian and financial agent.  Sullivan & Cromwell LLP has served as Treasury’s legal agent for ECIP.

7/21/2022: Advisory for Program Participants - As noted in the draft instructions for the Quarterly Supplemental Report (QSR), “the first Quarterly Supplemental Report will not be due until the effective date of [the] reporting forms.” The QSR will not be effective, and therefore the first QSR will not be due, until at least after the end of the QSR comment period and Office of Management and Budget review.  Treasury expects that quarterly supplemental reporting will not begin any earlier than January 2, 2023.

 

Resources

ECIP Program Portal

Read detailed instructions on how to register with ID.me

Legal Documents 

For questions and concerns regarding legal documents, send an email to ecip@treasury.gov. Legal documents posted here are for information purposes only.

ECIP Statute

https://www.congress.gov/116/bills/hr133/BILLS-116hr133enr.pdf#page=899

Senior Preferred

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

Credit Unions

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
 

3/29/2022: Legal FAQs

Rate Reduction Incentive Guidelines 

Interim Final Rule - ECIP Restrictions on Executive Compensation, Share Buybacks, and Dividends

Reporting Resources

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. 
 

IDIs and Holding Companies

4/1/2022: ISR Instructions for IDIs and Holding Companies
4/1/2022: Schedule A Summary Baseline Report Form for IDIs and Holding Companies
4/1/2022: Schedule B Disaggregated Baseline Report Form for IDIs and Holding Companies

 

Credit Unions

4/1/2022: ISR Instructions for Credit Unions
4/1/2022: Schedule A Summary Baseline Report Form for Credit Unions
4/1/2022: Schedule B Disaggregated Baseline Report Form for Credit Unions

 

Initial Supplementary Report Datasets

The following sources provide tools to geocode addresses:
Federal Financial Institution Examination Council: FFIEC Geocoder link
Census Bureau: Census Bureau Geocoder link

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

Tip: Using the FFIEC geocoder, when set to Year=2020, will accurately provide the following data points – census tract median family income, MSA or non-MSA median family income (Area Median Income), pct. of median family income compared to either the MSA or non-MSA median family income, as appropriate (Urban Low-income Communities), and percentage of census tract that are Minorities to compute census tracts that are Minority Communities.

Other ISR Resources

4/1/2022: ISR Reporting FAQ 
4/6/2022: User Guide for Submission of the Initial Supplemental Report

 

Quarterly Supplemental Report

8/17/2022 (new): QSR Overview slides
6/30/2022 (new): Paperwork Reduction Act Notice - Quarterly Supplemental Report

IDIs and Holding Companies

6/30/2022 (new): QSR Instructions for IDIs and Holding Companies - PRA comment period version
6/30/2022 (new): QSR Schedules A- D – Forms for IDIs and Holding Companies – PRA comment period version

Credit Unions

6/30/2022 (new): QSR Instructions for Credit Unions - PRA comment period version
6/30/2022 (new): QSR Schedules A- D – Forms for Credit Unions – PRA comment period version

 

Contact Us

ECIP Program questions or technical assistance should be directed to ecip@treasury.gov.  All emails will be answered within one business day.

Archives

6/30/2022: Treasury announces publication of a Federal Register Notice inviting comments on the proposed Quarterly Supplemental Report data collection.  Comments due by August 29, 2022.
4/22/2022: Treasury posts preview versions of the Quarterly Supplemental Report Instructions and Templates in advance of opening of public comment period.
4/1/2022: Treasury posts final Initial Supplemental Report (ISR) documents, datasets, and ISR FAQ.
3/29/2022: Treasury posts final versions of legal documents and Legal FAQ.
3/16/2022: Today Treasury extended the deadline to respond to the ECIP program request for confirmation of participation to Monday, April 4, 2022.  Treasury will accept changes to previously-submitted forms prior to April 4th.  Please email ecip@treasury.gov to have a form reopened.

2/25/2022: ECIP Webinar Slides on Legal Agreements and Draft Initial Supplemental Report

2/15/2022: Treasury posted to this webpage draft Initial Supplemental Report forms and instructions for review and comment.  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.  Treasury welcomes comments regarding the draft Initial Supplemental Report forms and instructions.  Further, Treasury welcomes comments on the estimated burden, time, and cost to complete the reports.  Please submit comments and questions regarding these drafts by emailing ECIP@treasury.gov. The deadline for providing comments is on Monday, February 28, 2022.  For more information, see the Reporting Resources section on this page.

02/02/2022: Treasury releases preview copies of legal documents.

12/14/2021: List of Financial Institutions Approved to Receive ECIP Investments

10/18/2021: ECIP Demand Announcement

8/31/2021: Hurricane Ida Impacted ECIP Applicants – Treasury accepting requests for extension to submit applications. Read the Public Notice.

8/20/2021: Application Instructions and Materials

8/20/2021: ECIP Revised and Expanded FAQs

8/11/2021: Application Instructions and Materials (Changes Highlighted)

8/11/2021: Application and Lending Plan Evaluation Factors 

03/04/2021: Treasury launched the ECIP. Read the Press Release