Emergency Justification Memo

DEPARTMENT OF THE TREASURY
WASHINGTON, D.C. 20220

TO:

Alex Goodenough, Office of Information and Regulatory Affairs

FROM:

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

SUBJECT:

Justification for Emergency Processing: State Regulatory Response Form

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, revising 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.
Due to the need to make Covid-19 relief investments under the Program as soon as possible,
Treasury requests emergency processing and approval by July 8, 2021 for the State Regulatory
Response form. The State Regulatory Response form collects information from state banking
regulatory agencies on financial condition, supervisory considerations, emergency investment
lending plan and other additional considerations. State banking regulators have a unique role in
provision of the requested information that is derived from their oversight activities. 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.