ECIP Quarterly Supplemental Reporting Overview and Q&A Session with U.S. Treasury Officials
Wednesday, August 10 at 3:30-5:00 PM ET
Inclusiv is holding a briefing with U.S. Treasury officials on Wednesday, August 10, 2022 at 3:30PM ET to help credit unions that have been awarded investments through the Emergency Capital Investment Program (ECIP) to learn more about the proposed Quarterly Supplemental Report.
ECIP Quarterly Supplemental Reports
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 were 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.
reasury 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 four quarters 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.
Treasury officials will walk through the key elements of the proposed Quarterly Supplemental Report requirements.
As noted in the draft instructions for the Quarterly Supplemental Report (QSR), “the first Quarterly Supplemental Report will not be due until the effective date of [the] reporting forms.” The QSR will not be effective, and therefore the first QSR will not be due, until at least after the end of the QSR comment period and Office of Management and Budget review. Treasury expects that quarterly supplemental reporting will not begin any earlier than January 2, 2023.
ECIP institutions are strongly encouraged to collect the full range of data required in the draft QSR for transactions going back to the date of investment.
Treasury welcomes comments regarding the draft Quarterly Supplemental Reporting forms and instructions. Written comments must be submitted to Treasury (ecip@treasury.gov) on or before Monday, August 29, 2022.
To register for this webinar, click the link below:
https://us02web.zoom.us/webinar/register/WN_Bnm_yEjQRwuELEhvynUveQ
Inclusiv is hosting this ECIP Q&A webinar on Wednesday, August 10, 3:30 PM-5:00PM ET.
Speakers include:
- David Meyer, ECIP Program Analyst
- Carol Rodrigues, Attorney-Adviser (Finance) U.S. Department of the Treasury
Please send all questions in advance of the webinar to Cathi Kim, Director of Inclusiv/Capital, at ckim@inclusiv.org by Monday, August 8 at 5:00 PM ET.