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[co-author: Stephen Kim] REGULATORY DEVELOPMENTS Treasury to Invest $9 Billion in Community Development Financial Institutions and Minority Depository Institutions Through Emergency Capital Investment Program On March 4, the U.S. Department of the Treasury (Treasury) announced that it was opening the application process for the Emergency Capital Investment Program (ECIP) – a Congressionally authorized new program designed to provide long-term, low-cost equity and subordinated debt financing for participating institutions in order to support low-and-moderate income historically disadvantaged communities impacted by COVID-19. The program will invest $9 billion in capital directly to Community Development Financial Institutions (CDFIs) and minority depository institutions to support the provision of loans, grants, and forbearance for small and minority businesses and consumers in low income communities. This $9 billion investment will complement the $3 billion of grants being provi

Deposit insurance corporationUs department of the treasuryMinority lending programService testInvestment companyFederal reserveDivision of investment managementPaycheck protection program liquidity facilityRapid response programMoney market mutual fund liquidity facilityCommunity development financial institutions cdfisEmergency capital investment programPartnership for progressCommunity development financial institutionsOffice of the comptrollerResponse program