Skip to main content
An official website of the United States government
The .gov means it's official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Search:
Agenda
Reg Review
ICR
This script is used to control the display of information in this page.
Display additional information by clicking on the following:
All
Brief and OIRA conclusion
Abstract/Justification
Legal Statutes
Rulemaking
FR Notices/Comments
IC List
Burden
Misc.
Common Form Info.
Certification
View Information Collection (IC) List
View Supporting Statement and Other Documents
Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1505-0275
ICR Reference No:
202206-1505-009
Status:
Historical Active
Previous ICR Reference No:
202203-1505-003
Agency/Subagency:
TREAS/DO
Agency Tracking No:
Title:
Emergency Capital Investment Program Reporting
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
03/31/2022
OIRA Conclusion Action:
Approved without change
Conclusion Date:
06/29/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/27/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2022
09/30/2022
09/30/2022
Responses
186
0
186
Time Burden (Hours)
29,760
0
29,760
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
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Initial Supplemental Report
N/A, N/A, N/A, N/A
Interim Summary Report Summary - Credit Union Template
,
Interim Summary Report Summary - Banks & Holding Companies Template
,
ECIP Disaggregate Qualified Lending Data (Credit Unions)
,
ECIP Disaggregate Qualified Lending Data (Banks & Holding Companies)
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
186
186
0
0
0
0
Annual Time Burden (Hours)
29,760
29,760
0
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
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
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
06/27/2022