Emergency Memo

DEPARTMENT OF THE TREASURY
WASHINGTON, D.C. 20220

TO:

Alex Goodenough, Office of Information and Regulatory Affairs

FROM:

Ryan Law, Deputy Assistant Secretary
Privacy, Transparency, and Records

SUBJECT:
1505-0267

Justification for Emergency Processing: Emergency Capital Investment Program

Digitally signed by
Ryan A. Law
Date: 2021.03.02
18:31:13 -05'00'

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”) information collection
request.
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.
Section 104A(d) requires the Secretary to begin accepting applications for capital investments
under the program not later than the end of the 30-day period beginning on the date of
enactment, December 27, 2020.
The Emergency Capital Investment Application form includes the Emergency Investment
Lending Plan that each applicant must submit to Treasury at the time it submits an application
for a capital investment under the Program. Due to the need to begin accepting applications
expeditiously, Treasury requests emergency processing and approval on March 3rd, 2021. Given
the inability to seek public comment during such a short timeframe, Treasury requests a waiver
from the requirement to publish notice in the Federal Register seeking public comments.