Notice2023-06214
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Emergency Capital Investment Program Initial Supplemental Report and Quarterly Supplemental Report
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 27, 2023
Issuing agencies
Treasury Department
Abstract
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.
Full Text
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<title>Federal Register, Volume 88 Issue 58 (Monday, March 27, 2023)</title>
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[Federal Register Volume 88, Number 58 (Monday, March 27, 2023)]
[Notices]
[Pages 18223-18224]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[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 <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. 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 <a href="https://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses/emergency-capital-investment-program">https://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses/emergency-capital-investment-program</a>.
For questions related to this program, please contact David Meyer by
emailing <a href="/cdn-cgi/l/email-protection#4722242e3707333522263432353e69202831"><span class="__cf_email__" data-cfemail="e085838990a09492858193959299ce878f96">[email protected]</span></a> 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
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