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
6/05/2023 (new): Treasury announces rescindment of funding for Round 2 applicants. The Consolidated Appropriations Act, 2021, authorized the establishment of ECIP to make capital investments in low- and moderate-income community financial institutions to support the efforts of these institutions to, among other things, provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, including persistent poverty counties, that may be disproportionately impacted by the economic effects of the COVID–19 pandemic. In December 2021, Treasury announced awards for all funding available for investment. Some awardees declined all or part of the investments that they were offered. On December 2, 2022, Treasury opened a second application round to distribute funding that remained available for investment. The Fiscal Responsibility Act of 2023, which was enacted on June 3, 2023, rescinded the funding that was available for this second round. As a result, Treasury is unable to fund any round 2 applicants. Please contact ECIP@treasury.gov if you have any questions.
06/05/2023 (updated): Updated Quarterly Supplemental Report data was released.
06/05/2023 (updated): ECIP Program Portal rebranded ECIP IMPACT Portal.
06/01/2023 (new): Announcement Regarding Submission of QSR Reports with Due Date.
3/27/2023 (updated on 4/21/2023): Treasury announces publication of draft Quarterly Supplemental Report instructions, forms, and other reporting guidance. See the Reporting Resources section below. Treasury also announced via Federal Register notice that it is simultaneously submitting reporting forms for clearance to the Office of Management and Budget. The public may submit comments through May 8, 2023 by following the instructions in the Federal Register notice.
3/27/2023: The Department of the Treasury updated its announcement from September 21, 2022 to reflect it has made over $8.38 billion of investments in 170 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.
- 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.
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.
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
4/13/2022: Legal FAQs
Rate Reduction Incentive Guidelines
Interim Final Rule - ECIP Restrictions on Executive Compensation, Share Buybacks, and Dividends
Reporting Resources
06/05/2023 (reposted): ECIP QSR Webinar from August 2022.
4/21/2023 (updated) – Quarterly Lending Reporting Webinar slides.
4/6/2023 (new): Interim Reporting Guidance – Information on how to submit various reports.
3/27/2023 (new) Voluntary Impact Highlight Report form – Participants may use this form to report high-impact loans, financial services, and initiatives undertaken after ECIP investment.
Quarterly Supplemental Report
06/05/2023 (updated): QSR Reference Dataset. Participants should use this data in connection with determination and reporting of Qualified and Deep Impact lending to prepare QSRs.
4/12/2023: Quarterly Supplemental Report Frequently Asked Questions
INSURED DEPOSITORY INSTITUTIONS and HOLDING COMPANIES
3/27/2023 (new): QSR instructions for IDIs and Holding Companies: 30-day comment version
3/27/2023 (new): QSR Schedules A-D for IDIs and Holding Companies: 30-day comment version
CREDIT UNIONS
3/27/2023 (new): QSR instructions for Credit Unions: 30-day comment version
3/27/2023 (new): QSR Schedules A-D for Credit Unions: 30-day comment version
Legal Certifications
- 3/27/2023 (new): Form of Process and Controls Certification: 30-day comment version
- 3/27/2023 (new): Form of Interim Final Rule Certification: 30-day comment version
- 3/27/2023 (new): Form of Process and Controls Attestation of Independent Auditor: 30-day comment version
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
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
Mergers and Acquisition Reporting
3/27/2023 (new): ISR Instructions for IDIs and Holding Companies – Merger or Acquisition with a non-participating IDI or holding company – 30-day comment version.
3/27/2023 (new): Schedule A & B Summary Baseline Report Form for IDIs and Holding Companies – Merger or Acquisition with a non-participating IDI or holding company – 30-day comment version.
Credit Unions
Initial Baseline Reporting
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
Mergers and Acquisition Reporting
3/27/2023 (new): ISR Instructions for Credit Unions – Merger or Acquisition with a non-participating credit union – 30-day comment version.
3/27/2023 (new): Schedule A & B Summary Baseline Report Form for Credit Unions – Merger or Acquisition with a non-participating credit union.
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
Archives
12/2/2022 (new): Treasury announces second application round. See Second Round section below.
Second Round
The U.S. Department of the Treasury (Treasury) announces that it has opened a second application round for investment in qualified financial institutions through the Emergency Capital Investment Program (ECIP). The ECIP anticipates that between approximately $160 million and $340 million will be available for investment in the second round.
Treasury will prioritize applicants that (i) were ineligible to apply in the first round of funding but later became eligible to participate in ECIP; or (ii) serve geographies that are relatively underserved by recipients in the first round of funding; and (iii) show a strong track record demonstrating the capacity to execute the lending plan, including the quality of the data provided in Question 1 of the ECIP application related to lending to low- and moderate-income or minority individuals. Among prioritized applicants, Treasury intends to allocate funding to institutions that are assessed to have a higher capacity to execute its Emergency Investment Lending Plan and are more responsive to community needs, as determined using the factors outlined in the Application and Lending Plan Evaluation Form.
Applications are due January 31, 2023 at 11:59 PM ET.
Second Round Application Materials
12/14/2022 (new): ECIP Federal Register Notice of Availability Web Version, ECIP Federal Register Notice of Availability PDF
12/2/2022: Second Round Application Form
12/2/2022: Second Round Application FAQs
12/2/2022: Second Round User Guide for Application Submission
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.
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.
6/30/2022: QSR Instructions for IDIs and Holding Companies - PRA comment period version
6/30/2022: QSR Schedules A- D – Forms for IDIs and Holding Companies – PRA comment period version
6/30/2022: QSR Instructions for Credit Unions - PRA comment period version
6/30/2022: QSR Schedules A- D – Forms for Credit Unions – PRA comment period version
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