View Information Collection Request (ICR) Package

OMB Control No: 1505-0275	ICR Reference No: 202203-1505-003
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Emergency Capital Investment Program Reporting
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 03/31/2022
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/31/2022
Retrieve Notice of Action (NOA)	Date Received in OIRA: 03/31/2022
Terms of Clearance: In response to the emergency request memorandum submitted by Treasury on 3/31/2022, OIRA is approving Treasury's request for emergency consideration of this ICR for a period of six months. OMB is granting this approval on the basis that Treasury will shortly submit a change request to this ICR adding to this ICR package public comment documents received by February 28, 2022, and a summary of Treasury's responses to those public comments with confidential business information redacted.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2022	6 Months From Approved
Responses	186	0	0
Time Burden (Hours)	29,760	0	0
Cost Burden (Dollars)	0	0	0

Abstract: The Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, added Section 104A of the Community Development Banking and Financial Institutions Act of 1994 (the “Act”). Section 104A authorizes the Secretary of the Treasury to establish the Program to support the efforts of low- and moderate-income community financial 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 by providing direct and indirect capital investments in low-and moderate-income community financial institutions. As required by the Act, the interest and dividend rates payable on ECIP instruments are determined based on the increase in the amount of lending by an institution within minority, rural, and urban low-income and underserved communities and to low- and moderate-income borrowers during the preceding annual period compared to a baseline set from the annual period ending on September 30, 2020. To establish this baseline level of qualified lending, Treasury will be collecting an Initial Supplemental Report (ISR) from participating applicants. Applications and other forms for the ECIP program were previously approved under OMB No. 1505-0267. Following review of the applications, Treasury made awards and is now ready to begin scheduling closings.

Emergency Justfication: Pursuant to the Office of Management and Budget (OMB) procedures established at 5 C.F.R. §1320.13, the Department of the Treasury (Treasury) requests emergency processing for the Emergency Capital Investment Program (“ECIP” or the “Program”) Initial Supplemental Report (ISR) by adding this report to OMB Control Number 1505-0267. The Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, added Section 104A of the Community Development Banking and Financial Institutions Act of 1994 (the “Act”). Section 104A authorizes the Secretary of the Treasury to establish the Program to support the efforts of low- and moderate-income community financial 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 by providing direct and indirect capital investments in low-and moderate-income community financial institutions. As required by the Act, the interest and dividend rates payable on ECIP instruments are determined based on the increase in the amount of lending by an institution within minority, rural, and urban low-income and underserved communities and to low- and moderate-income borrowers during the preceding annual period compared to a baseline set from the annual period ending on September 30, 2020. To establish this baseline level of qualified lending, Treasury will be collecting information from participants through the ISR. Participants will be required to submit the ISR 10 business days prior to closing their investments and receiving funds. Applications and other forms for the ECIP program were previously approved under PRA #1505-0267. Following the review of the applications, Treasury made awards and is now ready to begin scheduling closings. Due to the need to begin closing these investments as soon as possible, Treasury requests emergency processing and approval by Wednesday, March 16, 2022 for the ISR. Treasury has scheduled the first closings on Tuesday, April 26, 2022. As noted, since participants will be required to submit the ISR 10 business days prior to closing, the institutions scheduled to close on April 26, 2022 will be required to submit their ISR by Tuesday, April 12, 2022. Participants need time to evaluate the data collection required under the final ISR, collect this data from their systems and them complete and submit the report. The draft ISR and instructions were published to Treasury’s website on February 15, 2022. Under 44 USC § 3506(c)(2)(A), the routine PRA process requires a 60-day public comment period. The 60-day comment period would elapse on April 16, 2022, which is past the date on which the ECIP recipients scheduled to close on April 26, 2022 would be required to submit the ISR. Treasury would then need to review the comments, incorporate the revisions, finalize the report and then seek OMB approval, which would add many additional weeks to the schedule at minimum, further delaying Treasury’s ability to invest this capital in the approved institutions. As a COVID-19 response program, it is essential that Treasury complete investments as soon as possible to allow approved institutions to deploy the capital in communities disproportionately affected by the COVID-19 pandemic as statutorily intended. Public harm will result from any delay in making the ECIP capital available to qualified institutions and the communities that they serve because these institutions will otherwise have less capital available to invest, further prolonging the economic recovery from the COVID-19 pandemic in communities that have been disproportionately affected. In addition, the period covered by this ISR is the annual period ending on September 30, 2020, as directed by the Act.

Authorizing Statute(s): PL: Pub.L. 116 - 260 104A Name of Law: Consolidated Appropriations Act, 2021

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Change Due to Agency Discretion
Annual Number of Responses	186	186
Annual Time Burden (Hours)	29,760	29,760
Annual Cost Burden (Dollars)	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This collection of information requests an increase of 29,760 burden hours due to the implementation of Initial Supplemental Reports.

Annual Cost to Federal Government: $10,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Yes

Agency Contact: David Meyer 202 653-0312 david.meyer@treasury.gov

View ICR - OIRA Conclusion