ENABLING LEGISLATION
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.
PROGRAM DETAILS
Treasury posted guidance, forms, and other resources with information about the ECIP below as they become available.
8/11/2021: Application and Lending Plan Evaluation Factors
8/11/2021: Application Instructions and Materials (Changes Highlighted)
8/20/2021: ECIP Revised and Expanded FAQs
8/20/2021: Application Instructions and Materials
8/31/2021: Hurricane Ida Impacted ECIP Applicants – Treasury accepted requests for extension to submit applications. Read the Public Notice.
10/18/2021: ECIP Demand Announcement
12/14/2021: List of Financial Institutions Approved to Receive ECIP Investments
2/2/2022: Treasury released preview copies of legal documents.
2/15/2022: Treasury posted to this webpage draft Initial Supplemental Report forms and instructions for review and comment. The comment period closed February 28, 2022.
2/25/2022: ECIP Webinar Slides on Legal Agreements and Draft Initial Supplemental Report
3/16/2022: Treasury extended the deadline to respond to the ECIP program request for confirmation of participation to Monday, April 4, 2022. Treasury accepted changes to previously submitted forms.
3/29/2022: Treasury posted final versions of legal documents and Legal FAQ.
4/1/2022: Treasury posted final Initial Supplemental Report (ISR) documents, datasets, and ISR FAQ.
6/30/2022: QSR Schedules A- D – Forms for Credit Unions – 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 IDIs and Holding Companies – PRA comment period version
6/30/2022: QSR Instructions for IDIs and Holding Companies - PRA comment period version
6/30/2022: Treasury announced publication of a Federal Register Notice inviting comments on the proposed Quarterly Supplemental Report data collection. The comment period closed August 29, 2022.
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 expected that quarterly supplemental reporting would not begin any earlier than January 2, 2023.
12/2/2022: Second Round User Guide for Application Submission
12/2/2022: Second Round Application FAQs
12/2/2022: Second Round Application Form
12/14/2022: ECIP Federal Register Notice of Availability Web Version, ECIP Federal Register Notice of Availability PDF
12/2/2022: Treasury announced second application round.
The U.S. Department of the Treasury (Treasury) announced 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 prioritized 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 intended 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. The Applications period closed January 31, 2023 at 11:59 PM ET.
3/27/2023: The Department of the Treasury updated its announcement from September 21, 2022 to reflect it 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.
4/6/2023: Interim Reporting Guidance – Information on how to submit various reports.
6/5/2023: ECIP Portal rebranded ECIP IMPACT Portal.
6/5/2023: Updated Quarterly Supplemental Report data was released.
6/5/2023: Treasury announced rescindment of funding for round 2 applicants. The Consolidated Appropriations Act, 2021, authorized the establishment of ECIP to make capital investments in low-income 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.
6/27/2023: Announcement Regarding Submission Extension of QSR Submission Deadline.
6/28/2023: Announcement Regarding Waiver of the Auditor Attestation - Fiscal Year 2022
7/19/2023: Treasury announced release of final lending reporting guidance including (1) Quarterly Supplemental Report (QSR) instructions and forms, (2) instructions for submission of Initial Supplemental Reports in certain merger and acquisition events; (3) rerelease of annual certifications; and (4) the Impact Highlight report form. Participating institutions are required to submit QSRs in accordance with the chart below.
| Period of Activity | Schedules Required | Report Due Date |
|---|---|---|
| Closing Date - June 30, 2022 | A & B | Thursday, 8/17/2023. |
| July 1, 2022 - September 30, 2022 | A & B | Thursday, 8/17/2023. |
| October 1, 2022 - December 31, 2022 | A & B | Thursday, 8/17/2023. |
| Closing Date - December 31, 2022 Annual Report | C & D (for 2022 lending) | Thursday, 8/17/2023. |
| January 1, 2023 - March 30, 2023 | A & B | Friday, 9/1/2023. |
| April 1, 2023 – June 30, 2023 | A & B | Friday, 9/1/2023. |
7/19/2023: Form of Process and Controls Attestation of Independent Auditor: Archived Version
7/19/2023: Form of Interim Final Rule Certification: Archived Version
7/19/2023: Form of Process and Controls Certification: Archived Version
7/19/2023: Quarterly Supplemental Report Frequently Asked Questions.
7/20/2023: QSR Instructions for Credit Unions
7/20/2023: QSR Instructions for IDIs and Holding Companies
7/25/2023: Treasury announced webinars to demonstrate how to submit the Quarterly Supplemental Report. See completed session information here.
11/21/2023: ECIP invited 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 were encouraged to share this draft with their auditors for their review. See directions to submit comments. The ECIP team will offered a webinar to familiarize Independent Auditors with the Quarterly Supplemental Report and to answer questions regarding the procedures.
11/21/2023: Form of Process and Controls Attestation of Independent Auditor: Proposed Revision
1/8/2024: The Department of the Treasury announces Quarterly Supplemental Report (QSR) updates and clarifications. Read the January 2024 update here.
1/25/2024: The Department of the Treasury published updated Legal FAQs to include a question on the circumstances under which Treasury would consider granting approval to an ECIP participant to make capital distributions in excess of the limitations in 31 CFR § 35.23(b)(1). See here for the updated Legal FAQs.
4/1/2024: The Department of the Treasury announces release of a report on 2022 Qualified and Deep Impact Lending of community financial institutions participating in the Emergency Capital Investment Program (ECIP).
- 2022 Investing for Impact Report highlighting top Deep Impact Lending Performers
- 2022 Qualified and Deep Impact Lending Data by Institution
4/16/2024: Announcement Regarding the extension for institutions that are required to file a Process and Controls Attestation of Independent Auditor. If you believe that this requirement applies to you and have not been contacted via email, please contact ECIP via ecip@treasury.gov for more information. Read the full 4/16/2024 announcement here.
4/18/2024: The ECIP announced webinars regarding qualification for rate reductions and upcoming payments from participants to Treasury. Sessions were held on April 30th and May 2nd. Representatives of each of the 121 institutions that had investment closings by June 15, 2022 were strongly encouraged to attend one of these sessions. Read more on the payments process webinars here.
5/1/24: ECIP Application Portal – ID.ME Detailed Instructions