[Federal Register Volume 88, Number 58 (Monday, March 27, 2023)]
[Notices]
[Pages 18223-18224]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-06214]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Emergency Capital Investment Program Initial 
Supplemental Report and Quarterly Supplemental Report

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice of Information Collection; request for comment.

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SUMMARY: The Department of the Treasury will submit the following 
information collection request to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on this request.

DATES: Comments should be received on or before April 26, 2023 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the documents under review 
may be viewed at https://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses/emergency-capital-investment-program. 
For questions related to this program, please contact David Meyer by 
emailing [email protected] or calling (202) 819-3127.

SUPPLEMENTARY INFORMATION: 
    Title: Emergency Capital Investment Program Initial Supplemental 
Report and Quarterly Supplemental Report.
    OMB Control Number: 1505-0275.
    Type of Review: Revision of a currently approved collection.
    Description: Authorized by the Consolidated Appropriations Act, 
2021, the Emergency Capital Investment Program (ECIP) was created to 
encourage low- and moderate-income community financial institutions to 
augment their efforts to support small businesses and consumers in 
their communities.
    Under the program, Treasury will provide approximately $8.70 
billion in capital directly to depository institutions that are 
certified Community Development Financial Institutions (CDFIs) or 
minority depository institutions (MDIs) to, among other things, provide 
loans, grants, and forbearance for small businesses, minority-owned 
businesses, and consumers, especially in low-income and underserved 
communities, that may be disproportionately impacted by the economic 
effects of the COVID-19 pandemic.
    ECIP capital is eligible for a reduction in the dividend or 
interest rate payable on the instruments depending on the increase in 
lending by the recipients of the capital (Recipients) within minority, 
rural, and urban low-income and underserved communities and to low- and 
moderate-income borrowers over a baseline amount of lending. Recipients 
are required to submit an Initial Supplemental Report and quarterly 
reports to determine their increase in lending to the specified 
targeted communities over the baseline and therefore their 
qualification for rate reductions on the dividend or interest rates 
payable on the ECIP instruments. In addition, these reports will 
collect data necessary for Treasury and other oversight bodies to 
evaluate program outcomes over time. Treasury uses the Initial 
Supplemental Report to establish a baseline amount of qualified 
lending. Treasury proposes to continue use of this form to collect 
additional or restated data on a Recipient's amount of baseline 
lending, such as in connection with mergers, acquisitions, or other 
business combinations. Instructions may be modified from time to time 
to accommodate these uses.
    Treasury proposes to use the Quarterly Supplemental Report to 
collect the information required to establish a Recipient's increase in 
lending. The Quarterly Supplemental Report has two components: (1) 
schedules which must be completed each quarter that collect data on 
activity for the preceding quarter and (2) schedules that collect data 
on the preceding calendar year of activity that are submitted annually. 
There are separate schedules and instructions for insured depository 
institutions, bank holding companies, and savings and loan holding 
companies; and credit unions.
    Quarterly Report Schedules: Recipients of ECIP investments will be 
required to submit two schedules on a quarterly basis. Schedule A-
Summary Qualified Lending is used to collect the Qualified Lending and 
Deep Impact Lending, as defined in the Glossary in the Instructions to 
the Quarterly Supplemental Report, of a Recipient for a given quarter. 
Schedule A is therefore used to establish the growth in a Recipient's 
Qualified Lending over its baseline Qualified Lending for the purposes 
of calculating the payment rate on the ECIP preferred shares or 
subordinated debt issued by the Recipient. Schedule B-Disaggregated 
Qualified Lending is used to present further detail on the composition 
of the Participant's Qualified and Deep Impact Lending.
    Annual Report Schedules: Annually, Recipients will report on up to 
ten (10) additional schedules, depending on the origination activity 
that took place during the prior year. Schedule C-Additional 
Demographic Data on Qualified Lending collects additional demographic 
data on certain categories of Qualified Lending and Deep Impact 
Lending. Schedule D-Additional Place-based Data on Qualified Lending 
collects additional geographic data on certain categories of Qualified 
Lending and Deep Impact Lending.

[[Page 18224]]

    Legal Certifications: Annually, under the terms of the ECIP 
investments, Recipient institutions must provide certain 
certifications. Treasury has prepared the form of these certifications 
for use on an annual basis by Recipients.
    Impact Highlight Report: Treasury proposes to collect impact 
highlight reports, submitted to Treasury on a voluntary basis. The 
proposed form is intended to facilitate such voluntary reporting and 
categorization by Treasury.
    Forms: Initial Supplemental Report and Instructions, Quarterly 
Supplemental Report Instructions and Schedules, Legal Certifications, 
and Impact Highlight Report.
    Affected Public: Recipients of investments through the Emergency 
Capital Investment Program.
    Estimated Number of Respondents: 180.
    Frequency of Response: Initial Supplemental Report--One time 
annually, for applicable institutions; Quarterly Supplemental Report--
Four times annually for Schedules A and B, annually for Schedules C and 
D; One time annually for the Legal Certifications; and when volunteered 
for the Emergency Capital Investment Program Impact Highlight Report.
    Estimated Total Number of Annual Responses: Initial Supplemental 
Report--5 for initial investments, 3 for cases of mergers and 
acquisition; Quarterly Supplemental Report--720 for Schedules A & B and 
180 for Schedule C and D; Legal Certifications--180; Emergency Capital 
Investment Program Impact Highlight Report--5.
    Estimated Time per Response: 160 hours annually for the Initial 
Supplemental Report; 10 hours annually for the Quarterly Supplemental 
Report Schedules A & B + 120 hours for Schedules C & D; 0.5 hours for 
the Legal Certifications; and 0.5 hours for the Emergency Capital 
Investment Program Impact Highlight Report.
    Estimated Total Annual Burden Hours: 30,672.5.
    Authority: 44 U.S.C. 3501 et seq.

Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2023-06214 Filed 3-24-23; 8:45 am]
BILLING CODE 4810-AK-P