Live Breaking News & Updates on Reserve Clarifies Guidance Relating

[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 ....

Deposit Insurance Corporation , Us Department Of The Treasury , Minority Lending Program , Service Test , Investment Company , Federal Reserve , Division Of Investment Management , Paycheck Protection Program Liquidity Facility , Rapid Response Program , Money Market Mutual Fund Liquidity Facility , Community Development Financial Institutions Cdfis , Emergency Capital Investment Program , Partnership For Progress , Community Development Financial Institutions , Office Of The Comptroller , Response Program , Emergency Support , Minority Lending , Adopt Rules , Emergency Capital Investment , Interim Final Rule , Interim Rule , Federal Deposit Insurance Corporation , Capital Rule , Reserve Clarifies Guidance Relating , Minority Depository ,