FDIC: Emergency Capital Investment Program Available for CDFIs and Minority Depository Institutions


The Federal Deposit Insurance Corporation (FDIC) is advising certified Community Development Financial Institutions (CDFIs) and minority depository institutions (MDIs) of the Emergency Capital Investment Program (ECIP) established by the Consolidated Appropriations Act, 2021.  Under the ECIP, certified CDFIs and MDIs may be eligible for capital investments from the U.S. Department of the Treasury (Treasury) 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 Coronavirus Disease 2019 (COVID-19) pandemic.

Statement of Applicability: This Financial Institution Letter (FIL) applies to any FDIC-supervised financial institution that is a certified CDFI or MDI. 


  • Eligible financial institutions may consider applying for the capital investments available under the ECIP, which is described at https://home.treasury.gov/policy-issues/cares/emergency-capital-investment-program
  • Under the ECIP, Treasury will provide up to $9 billion in capital directly to certain CDFIs and MDIs and is developing the program’s terms, regulations, and other materials.  Please check the Treasury’s ECIP website above for the most up-to-date and detailed information. 
  • In general, Treasury may make capital investments in the form of senior preferred stock or subordinated debt for institutions that cannot issue senior preferred stock. 
  • To facilitate the implementation of ECIP, the FDIC, along with the Office of the Comptroller of the Currency and the Federal Reserve Board, are revising their capital rules to provide that Treasury’s investments under the program qualify as regulatory capital of insured depository institutions and holding companies. Emergency Capital Investment Program Interim Final Rule
  • As required by the law, Treasury issued an interim final rule setting restrictions on executive compensation, share buybacks, and dividend payments for recipients of capital investments under the ECIP.  Information regarding Treasury’s interim final rule is available at https://home.treasury.gov/system/files/136/ECIP-interim-final-rule.pdf
  • Treasury’s authority to make new capital investments will end six months after the date of termination of the national emergency concerning the COVID–19 pandemic initiated on March 13, 2020, by presidential declaration.

Emergency Capital Investment Program Interim Final Rule

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