Treasury Sees Robust Demand for Emergency Capital Investment (October 18, 2021)

Summary

A Treasury announcement dated October 18, 2021, titled "Treasury Sees Robust Demand for Emergency Capital Investment," reporting that 204 credit unions, banks, and bank and savings and loan holding companies requested total investments of over $12.88 billion under the Emergency Capital Investment Program (ECIP). It states the demand exceeds the amount available by $4.13 billion, with Treasury providing up to $8.75 billion to certified Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs). The figures list $10,364,234,000 requested by CDFIs and $4,199,016,000 by MDIs, with 113 applications from banks, savings and loans and holding companies and 91 from credit unions.

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October 18, 2021


Treasury Sees Robust Demand for Emergency Capital
Investment

Treasury reports that 204 credit unions, banks, and bank and savings and loan
holding companies requested total investments of over $12.88 billion under the
Emergency Capital Investment Program (ECIP). This demand exceeds the amount
available for investment by $4.13 billion.
Under the program, Treasury will provide up to $8.75 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.
Established 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.


By the Numbers
Total Investment Requested: $12,882,639,000
Total amount of investment requested from banks, savings and loans and holding
companies: $9,648,306,000
Total amount of investment requested from credit unions: $ 3,234,333,000
Total amount requested by CDFIs: $10,364,234,000
Total amount requested by MDIs: $4,199,016,000
Total Applications: 204
Total applications from banks, savings and loans, and holding companies: 113
Total applications from credit unions: 91
Total applications from Low Income Credit Unions: 91


Number of States Represented: 36 + the District of Columbia and Guam


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