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
09/30/2022
6 Months From Approved
186
0
0
29,760
0
0
0
0
0
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.
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.
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:
(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;
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.
1. ECIP Emergency Justification Memo ECIP Initial Supplementary Report 2022-03-30.docx
Initial Supplemental Report