Moving Toward Closing: ECIP Investment Closing Documents Webinar and Q&A Session with US Treasury Officials

Moving Toward Closing: ECIP Investment Closing Documents Webinar and Q&A Session with US Treasury Officials

Thursday, February 24 at 4 PM ET

Inclusiv is holding a briefing with US Treasury officials next Thursday February 24, 2022 at 4pm ET to help credit unions that have been awarded investments through the Emergency Capital Investments Program (ECIP) to learn more about the ECIP closing documents and processes.

Treasury officials and Inclusiv staff will walk through the key elements of the closing documents and review the baseline reporting resources ECIP. In the baseline reporting document, ECIP participants are required to calculate and provide their baseline amount of qualified lending through an Initial Supplemental Report. This baseline will be used to calculate the dividend or interest rates applicable to each participant in accordance with the Rate Reduction Incentive Guidelines and the ECIP legal agreements. Participants will be required to submit their Initial Supplemental Report 10 business days before closing their investment and receiving their funding.

Treasury has stated that they welcome comments regarding the draft Initial Supplemental Report forms and instructions, and that they welcome comments on the estimated burden, time, and cost to complete the reports. Here is the link: ECIP-Reporting-ISR-instructions-Banks-and-HoldCos-DRAFT-2-15-2022.pdf (treasury.gov)