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


04/18/2024:  The ECIP announces it will hold webinars regarding qualification for rate reductions and upcoming payments from participants to Treasury.  Sessions will be held on April 30th and May 2nd.  Representatives of each of the 121 institutions that had investment closings by June 15, 2021 are strongly encouraged to attend one of these sessions.  Read more on the payments process webinars here.

04/16/2024:  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.

04/01/2024: 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).

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.

1/8/2024:  The Department of the Treasury announces Quarterly Supplemental Report (QSR) updates and clarifications. Read the January 2024 update here. 

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 (updated): 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)

ECIP Portal – How to Create an ID.me Account

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         
 

1/26/2024: Legal FAQs
Rate Reduction Incentive Guidelines 
Interim Final Rule - ECIP Restrictions on Executive Compensation, Share Buybacks, and Dividends

Payments Resources

4/30/2024:  ECIP Payments Process Webinar slides 

Reporting Resources

12/13/2023: Guidance on Submission of Common Reports.   

9/25/2023: User Guide on Steps to submit the Voluntary Impact Highlight Report form through ECIP IMPACT.

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.

6/05/2023: ECIP QSR Webinar from August 2022.

4/21/2023: Quarterly Lending Reporting Webinar slides.

Quarterly Supplemental Report

1/8/2024: QSR 2.0 Demonstration Video

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

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

6/05/2023: 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

3/21/2024:  QSR Instructions for IDIs and Holding Companies: Version 3.0

3/8/2024: QSR Template 2.0 - BHC

CREDIT UNIONS

3/21/2024: QSR Instructions for Credit Unions: Version 3.0

3/8/2024: QSR Template 2.0 - CU 

Legal Certifications

5/16/2024: (Updated): Auditor Attestation Overview Presentation

3/08/2024: Form of Process and Controls Attestation of Independent Auditor  

3/08/2024: Procedures to Evaluate Emergency Capital Investment Program (ECIP) Quarterly Supplemental Reports in Connection with Auditor Attestations  

3/08/2024: 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