Emergency Capital Investment Program: Guidance on Interim Submission of Reporting (Treasury, April 2023)
Summary
A U.S. Department of the Treasury guidance document dated April 05, 2023 on the interim submission of reporting by institutions participating in the Emergency Capital Investment Program (ECIP). It says Participants must submit certain information, documents or reports to Treasury under the ECIP Interim Final Rule, their Securities Purchase Agreement and the Certificate of Designations of ECIP Preferred Shares or Subordinated Note, and that Treasury is developing functionality in the ECIP Salesforce Portal that will replace the instructions. A table lists each reporting item with its frequency, submission method, reference and deadline, stated for convenience and not as an interpretation of the requirements or an exhaustive list, and the document specifies an email subject header format of ECIP number, Participant name and a brief description for submissions.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Cite this document
“Emergency Capital Investment Program: Guidance on Interim Submission of Reporting (Treasury, April 2023).”
Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/emergency-capital-investment-program-guidance-on-interim-submission-of-8b4a1e228e/
, SHA-256 b2ac5f49bd55f915f0b73f630aedd54f326709d5dd64b231bb599e6bfdbf5f14.Full text
April 05, 2023
EMERGENCY CAPITAL INVESTMENT PROGRAM
U.S. Department of the Treasury
Guidance on Interim Submission of Reporting
Institutions participating (Participants) in the Emergency Capital Investment Program (ECIP) are
required to submit certain information, documents, or reports to the U.S. Department of the
Treasury (Treasury) in accordance with the ECIP Interim Final Rule (IFR), the Participant’s
Securities Purchase Agreement (SPA) with Treasury, and the Certificate of Designations of
ECIP Preferred Shares or Subordinated Note, as applicable.
Please refer to the guidance below regarding how to submit the applicable information to
Treasury. Treasury is developing additional functionality through the ECIP (Salesforce) Portal,
which will replace these instructions
This guidance, including the description of the requirements in the table below is provided for
the convenience of Participants but does not constitute an interpretation of the applicable
requirement. The table below is not an exhaustive list of all reporting obligations applicable to
Participants. Terms that are not defined in this document are defined in the IFR, SPA,
Certificate of Designations, or Subordinated Note, as applicable.
If you have any questions, please contact the ECIP at ecip@treasury.gov.
1
April 05, 2023
Item Frequency and
Description of Requirement Submission Method Reference
# Deadline
By email to
Deliver consolidated fiscal Annually, within
ECIP@treasury.gov. Please
year financials (balance sheet, 120 days of the end SPA -
1 label email subject header:
income statement, retained of the fiscal year of 4.1(c)(ii)(A)
'[ECIP #], [Participant
earnings, cash flow) the Participant
Name] – FY Financials'
Quarterly, as soon
Deliver a copy of any as available after the By email to
quarterly reports provided to end of the first, ECIP@treasury.gov. Please
SPA -
2 other stockholders, equity second and third label email subject header:
4.1(c)(ii)(B)
holders, or interest holders of quarters in each '[ECIP #], [Participant
the Participant fiscal year of the Name] – Quarterly Reports'
Participant
By email to
Deliver a copy of any
As soon as available ECIP@treasury.gov. Please
assessment of the internal
after the Participant label email subject header: SPA -
3 controls of the Participant
receives any '[ECIP #], [Participant 4.1(c)(ii)(C)
(except those specified in the
assessment Name] – Internal Controls
SPA)
Assessment'
By email to
Deliver any amendments to
As soon as such ECIP@treasury.gov. Please
the Charter, bylaws, or other SPA -
4 amendments label email subject header:
organizational documents of 4.1(c)(ii)(D)
become effective '[ECIP #], [Participant
the Participant
Name] – Amendments'
At the same time as By email to
Deliver copies of any
such information is ECIP@treasury.gov. Please
information or documents
sent to the label email subject header: SPA -
5 sent by the Participant to its
stockholders, '[ECIP #], [Participant 4.1(c)(ii)(E)
stockholders, members or
members, or equity Name] – Stockholder
equity holders
holders Reports'
Quarterly, upon
Certify to the Investor that the Completed and submitted
submission of each
information provided on each as part of the QSR
6 Quarterly SPA - 4.1(d)(i)
Supplemental Report is submission in the
Supplemental
accurate Salesforce-based portal.
Report (QSR)
Certify that the processes and
controls used to generate the
Supplemental Reports are Treasury will send out an
satisfactory. If applicable, Annually, within Additional Information
provide an attestation with 120 days of the end Request (AIR) in Q1 of the
7 SPA - 4.1(d)(ii)
respect to the processes and of the fiscal year of calendar year. Please
controls used to generate the the Participant respond to the AIR to
Supplemental Reports from submit this certification.
the independent auditor of the
Participant
Certify that the Participant is
Treasury will send out an
in compliance with all the Annually, by
Additional Information SPA - 4.1(d)(iii)
8 excessive compensation, December 31 of
Request (AIR) towards the 31 CFR § 35.24
severance pay, and excessive each calendar year
end of each calendar year.
or luxury expenditures
2
April 05, 2023
Item Frequency and
Description of Requirement Submission Method Reference
# Deadline
requirements and limitations Please respond to the AIR
on capital distributions in the to submit this certification.
ECIP IFR
By email to
Notify the Investor about the ECIP@treasury.gov. Please
Immediately upon
occurrence of any breach of label email subject header:
9 the occurrence of a SPA - 4.1(d)
any of the covenants set forth '[ECIP #], [Participant
breach
in Section 4.1(d) Name] – Certification
Breach'
Adopt an excessive or luxury
expenditures policy and
By email to
provide it to the Investor and
ECIP@treasury.gov. Please SPA - 4.1(e)(ii)
the appropriate Federal Within 90 days of
10 label email subject header: 31 CFR §
Banking Agency or NCUA the Closing Date
'[ECIP #], [Participant 35.22(c)(1)
and post the policy on the
Name] – Lux Exp’
Participant's website (if
applicable)
After making any material
amendments to the luxury Within 90 days of By email to
expenditures policy, the adopting any ECIP@treasury.gov. Please
Participant must provide it to material label email subject header: 31 CFR §
11
Treasury and the appropriate amendments to a '[ECIP #], [Participant 35.22(c)(2)
Federal banking agency and Participant’s luxury Name] – Updated Luxury
post it on the website of the expenditures policy Expenditures Policy'
Participant (if applicable)
Credit Union
Quarterly, SPA - 4.1(h)(i)
Submit Quarterly
concurrently with Submitted through the Mutuals / S Corp
12 Supplemental Reports, as
the Call Report of Salesforce-based portal. SPA - 4.1(h)(i)
required (QSR)
the Participant C Corp SPA -
4.1(g)(i)
Provide the Investor with a By email to Credit Union
written description of any Variable, within 3 ECIP@treasury.gov. Please SPA-4.1(h)(ii)
inaccuracy found in any business days after label email subject header: Mutuals / S Corp
13
Initial Supplemental Report the discovery of any '[ECIP #], [Participant SPA-4.1(h)(iii)
or Quarterly Supplemental inaccuracy Name] – ISR/QSR C Corp SPA-
Report Inaccuracy' 4.1(g)(iii)
By email to
Submit any other documents,
ECIP@treasury.gov. Please
requests or certifications as
label email subject header:
14 required under the IFR, SPA, As required Other
'[ECIP #], [Participant
Certificate of Designations, or
Name] – [Brief Description
Subordinated Note
of Document]'
3
File and source
- File
- TREAS-ECIPInterimReporting.pdf
- Size
- 159,569 bytes
- SHA-256
- b2ac5f49bd55f915f0b73f630aedd54f326709d5dd64b231bb599e6bfdbf5f14
- Our copy
- TREAS-ECIPInterimReporting.pdf
- Original
- home.treasury.gov