Emergency Capital Investment Program

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.

Announcements

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 ecip@treasury.gov. 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.

Resources

ECIP IMPACT Portal (Investment Monitoring Portal and Compliance Tracker)

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.

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.

4/06/2023: Interim Reporting Guidance – Information on how to submit various reports.

Quarterly Supplemental Report

7/19/2023: User Guide on Steps to Submit QSRs through ECIP IMPACT.

7/19/2023: Quarterly Supplemental Report Frequently Asked Questions.

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 Instructions for IDIs and Holding Companies: Final Version

7/20/2023: QSR Template - BHC

CREDIT UNIONS

7/20/2023: QSR Instructions for Credit Unions: Final Version

7/20/2023: QSR Template - CU

Legal Certifications

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

7/19/2023: ISR Instructions for IDIs and Holding Companies

7/20/2023: Schedule A Baseline Report Form for IDIs and Holding Companies

7/20/2023: Schedule B Disaggregated Baseline Report Form for IDIs and Holding Companies

Mergers and Acquisition Reporting

7/19/2023: ISR Instructions for IDIs and Holding Companies – Merger or Acquisition with a non-participating IDI or holding company – Final Version.

7/20/2023: Schedule A Baseline Report Form for IDIs and Holding Companies – Merger or Acquisition with a non-participating IDI or holding company – Final Version.

7/20/2023: Schedule B Disaggregated Baseline Report Form for IDIs and Holding Companies – Merger or Acquisition with a non-participating IDI or holding company – Final Version.

Credit Unions

Initial Baseline Reporting

7/19/2023: ISR Instructions for Credit Unions

7/20/2023: Schedule A Baseline Report Form for Credit Unions

7/20/2023: Schedule B Disaggregated Baseline Report Form for Credit Unions

Mergers and Acquisition Reporting

7/19/2023: ISR Instructions for Credit Unions – Merger or Acquisition with a non-participating credit union – Final Version.

7/20/2023: Schedule A Baseline Report Form for Credit Unions – Merger or Acquisition with a non-participating credit union - Final Version.

7/19/2023: Schedule B Disaggregated Baseline Report Form for Credit Unions – Merger or Acquisition with a non-participating credit union - Final Version.

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

Other ISR Resources

8/15/2023: User Guide to Download a Previously Submitted Initial Supplemental Report
4/1/2022: ISR Reporting FAQ
4/6/2022: User Guide for Submission of the Initial Supplemental Report

Federal Financial Data