Emergency Justification Memo - Letter Agreements

DEPARTMENT OF THE TREASURY
WASHINGTON, D.C. 20220

TO:

Alex Goodenough, Office of Information and Regulatory Affairs

FROM:

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

SUBJECT:

Justification for Emergency Processing: ECIP Letter Agreements

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 to include information collection associated
with closing of legal agreements for the Program.
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 January 20, 2022 for the agreements.
The agreements collect information from applicants in two general categories: (1) administrative
information needed to facilitate payments and notifications and (2) disclosures to Treasury (e.g.
litigation or exceptions to representations and warranties). Participants are the only parties that
can provide information of this type to Treasury. Treasury intends to publish this form on the
Treasury website on or about January 21, 2022. Based on this publication, Treasury will provide
an opportunity for eligible applicants to review the terms and conditions of the investments prior
to indicating to Treasury whether the institution intends to participate in the Program. Treasury
requests a waiver from the requirement to publish notice in the Federal Register seeking public
comments on the letter agreements.