The Treasury Department extended its program to invest in Minority Depository Institutions and Community Development Financial Institutions, as requested by ICBA.
Details: Treasury’s Emergency Capital Investment Program webpage says the program deadline has been extended 60 days from May 7 until 11:59 p.m. (Eastern time) Tuesday, July 6.
Background: The ECIP will invest $9 billion in MDIs and CDFIs to support low- and moderate-income and minority communities.
ICBA Position: ICBA last month urged Treasury to extend the deadline given the relatively recent release of guidance on the program. House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) and Sen. Mark Warner (D-Va.) have also requested an extension.