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EMERGENCY CAPITAL INVESTMENT PROGRAM

U.S. Department of the Treasury

Frequently Asked Questions

on Quarterly Supplemental Report (QSR)

July 19, 2023

The U.S. Department of the Treasury (Treasury) is issuing this document to address frequently 

asked questions about the Quarterly Supplemental Report (QSR) required to be submitted by 

institutions (Participants) participating in the Emergency Capital Investment Program (ECIP). 

Treasury intends to provide timely guidance to address questions concerning the QSR and may 

update this document periodically. Any terms not defined in this document are defined in the 

QSR instructions or the ECIP Securities Purchase Agreement. 

Table of Contents

1. Report Submission and Due Dates........................................................................................................ 2

1.1. Section I.C of the QSR instructions state that the QSR is due concurrently with the Call Report. 

Can a Participant submit its QSR before or after submitting its Call Report?.......................................... 2

2. Lending Activity, Qualified and Deep Impact Lending........................................................................ 2

2.1. Is a newly formed entity, such as an entity that is formed to hold a real estate asset and that does 

not have any prior revenue, a small business? .......................................................................................... 2

2.2. How often will reference datasets used for place-based lending be updated? .............................. 2

2.3. Are loans to special-purpose entities, single-purpose entities, or special-purpose vehicles 

included in Qualified Lending as loans to small businesses? ................................................................... 2

2.4. Are purchases of loans from other ECIP participants included in Lending Activity? .................. 2

3. Demographic Data Collection............................................................................................................... 3

3.1. Can Participants use proxy data to supplement or in lieu of collection of race and ethnicity data 

from borrowers?........................................................................................................................................ 3

3.2. The QSR instructions state that, for purposes of collecting demographic data from customers, a 

Participant may use methods that the Participant uses for the purposes of complying with the Home 

Mortgage Disclosure Act (HMDA) and methods that the Participant uses for the purposes of complying 

with CDFI Fund certification or reporting requirements. How may Participants use these methods?.... 3

3.3. Are Participants required to collect race and ethnicity data from all loan applicants, including 

for loans that are not Qualified Lending? ................................................................................................. 3

3.4. How should Participants complete the QSR for the grace period ending on June 30, 2024?....... 4

3.5. Are Participants required to collect income data from all borrowers for the purposes of 

identifying loans to LMI Borrowers, Low-income Borrowers, and Underserved Small Businesses? ..... 4

4. ECIP and the CFPB’s Small Business Data Collection Rule ............................................................... 4
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4.1. How should Participants identify “Minority Businesses” for the purposes of ECIP and the 

CFPB’s Small Business Data Collection Rule at 12 C.F.R. Part 1002, Subpart B? ................................. 4

1. Report Submission and Due Dates

1.1. Section I.C of the QSR instructions state that the QSR is due concurrently with the Call

Report. Can a Participant submit its QSR before or after submitting its Call Report? 

The deadline for submission of the QSR is the deadline for the submission of a Participant’s Call 

Report for the relevant quarter. Participants may submit QSRs to Treasury before or after they 

submit their Call Report, but the QSR must be submitted to Treasury by the applicable Call 

Report deadline for the quarter. Participants are not required to submit Call Reports to Treasury. 

2. Lending Activity, Qualified and Deep Impact Lending

2.1. Is a newly formed entity, such as an entity that is formed to hold a real estate asset and

that does not have any prior revenue, a small business? 

If, based on financial projections or other information available to the Participant at the time of 

underwriting, a newly formed entity is expected not to meet the definition of a small business – 

which can be found in the Glossary of the QSR instructions – within one year of the loan 

origination, the newly formed entity is not considered a small business for purposes of the QSR. 

2.2. How often will reference datasets used for place-based lending be updated? 

Reference datasets that Participants are required to use to identify their place-based Qualified 

Lending will be updated periodically, consistent with the CDFI Fund’s updates of datasets. 

Treasury will provide for transition periods to phase in the adoption of new datasets. 

2.3. Are loans to special-purpose entities, single-purpose entities, or special-purpose vehicles 

included in Qualified Lending as loans to small businesses? 

No, loans to special-purpose entities, single-purpose entities, special-purpose vehicles or other 

similar types of non-operating businesses or legal entities formed for a specific, narrow, or 

temporary purpose do not qualify as loans to small businesses for purposes of identifying a 

Participant’s Qualified Lending or Deep Impact Lending.

2.4. Are purchases of loans from other ECIP participants included in Lending Activity?

ECIP Participants may include in Lending Activity the pro-rata share of the Participant’s 

purchase of a participation in a loan that is: (a) originated by another ECIP Participant during the 

reporting period; and (b) purchased by the Participant during the reporting period. For the 

purposes of the Quarterly Supplemental Report, a “participation” means a loan origination or 

financing structure in which the ECIP Participant that is “participating” in the loan has assumed 

at least some credit risk of the loan on the day of origination. Participants may not include 

purchases of loans from other ECIP Participants in Lending Activity. 

For example, if ECIP Participant A originates a $100,000 loan during the reporting period and 
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sells a 20% participation in the loan to ECIP Participant B – that is, the loan is originated under a 

financing structure in which ECIP Participant B assumes 20% of the credit risk of the loan– 

ECIP Participant A should include $80,0000 in Lending Activity and ECIP Participant B should 

include $20,000 in Lending Activity. If ECIP Participant A originates a $100,000 loan during 

the reporting period and sells the loan to ECIP Participant B the day after the loan is originated, 

ECIP Participant A should include $100,000 in Lending Activity and ECIP Participant B may 

not include this loan in Lending Activity. 

3. Demographic Data Collection

3.1. Can Participants use proxy data to supplement or in lieu of collection of race and

ethnicity data from borrowers? 

As noted in section I.G of the QSR instructions, in addition to demographic data that is selfreported by the borrower, Participants may use demographic data collected through methods that 

the Participant uses for the purposes of complying with the Home Mortgage Disclosure Act and 

with CDFI certification or reporting requirements. Participants may not use any other proxies or 

methods to determine the demographic characteristics of the borrower. For example, loans to 

borrowers in majority-minority census tracts are considered Qualified Lending as loans to 

Minority Communities, but if the Participant does not collect the demographic characteristics of 

those borrowers using one of the above methods, they may not be reported as loans to Other 

Targeted Populations. For example, a Participant that does not collect any demographic data 

from its borrowers and originates $100,000 in loans to borrowers in a Minority Community that 

is 60% Black American may not report $60,000 as loans to Other Targeted Populations in 

Schedules B or C. The $100,000 in loans should instead be counted in Qualified Lending as 

loans to a Minority Community and reported accordingly in Schedules B and D. 

The ECIP statute provides a limited exemption from the Equal Credit Opportunity Act for ECIP 

participants, see 12 U.S.C. § 4703a(k), which did not apply during the period that was used for 

the Initial Supplemental Report. As a result, the use of proxy data was permitted for the Initial 

Supplemental Report but is not permitted for the QSR. 

3.2. The QSR instructions state that, for purposes of collecting demographic data from 

customers, a Participant may use methods that the Participant uses for the purposes of 

complying with the Home Mortgage Disclosure Act (HMDA) and methods that the 

Participant uses for the purposes of complying with CDFI Fund certification or reporting 

requirements. How may Participants use these methods? 

Treasury believes that the best method of collecting demographic data is borrower selfidentification. Nonetheless, if a Participant is collecting demographic data (other than 

geographical proxies) from its borrowers for the purposes of, and consistent with the 

requirements for, compliance with HMDA or CDFI Fund certification or reporting requirements, 

Participants may use that demographic data for their QSRs. If a borrower does not self-report 

demographic data, Participants are not required to use methods, such as visual observation or 

surname analysis, to collect demographic data solely for the purposes of ECIP QSR reporting. 

3.3. Are Participants required to collect race and ethnicity data from all loan applicants, 
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including for loans that are not Qualified Lending? 

Participants are required to collect sufficient data to enable them to complete all the fields and all 

the schedules in the QSR accurately. If the Participant engages in a line of business or particular 

transactions that it reasonably believes would not fall within any of the categories of Qualified 

Lending, collecting demographic data from customers in that line of business or for those 

transactions is not required. Note that if a loan falls within any of the categories of Qualified 

Lending, it must be reported in every applicable category of Qualified Lending and included in 

every applicable Schedule. 

3.4. How should Participants complete the QSR for the grace period ending on June 30, 

2024? 

As noted in section I.G of the QSR instructions, for each QSR through the report for the quarter 

ending on June 30, 2024, Treasury will not consider the QSR to be inaccurate or incomplete 

solely on the basis of a lack of demographic data. For each such QSR, Participants should 

complete the report to the extent they have sufficient data and leave fields blank if they do not 

have sufficient data to complete the field. For example, if a Participant does not have 

demographic data on the race or ethnicity of any of its borrowers, it should not report any data in 

the columns for loans to Other Targeted Populations. If a Participant has demographic data for 

half of its borrowers, it should report that data in the applicable fields. As the QSR instructions 

note, if a Participant lacks sufficient demographic data, it must provide a narrative explanation of 

its plans to implement sufficient data-collection systems and its progress in implementing those 

plans. 

3.5. Are Participants required to collect income data from all borrowers for the purposes of 

identifying loans to LMI Borrowers, Low-income Borrowers, and Underserved Small 

Businesses?

Participants are not required to collect income data from all borrowers if they do not do so as a 

normal course of making the loan solely for the purposes of identifying loans to LMI Borrowers, 

Low-income Borrowers, and Underserved Small Businesses. For example, if in the normal 

course of its business, a Participant does not collect income data from a borrower for a secured 

loan, they are not required to do so solely for the purposes of QSR reporting. To the extent that a 

Participant does not collect income data from a borrower, the loan to that borrower cannot be 

reported as a loan to a LMI Borrower, Low-income Borrower or Underserved Small Business.

4. ECIP and the CFPB’s Small Business Data Collection Rule

4.1. How should Participants identify “Minority Businesses” for the purposes of ECIP and

the CFPB’s Small Business Data Collection Rule at 12 C.F.R. Part 1002, Subpart B? 

As defined in the Glossary to the QSR Instructions, “Minority Business” means a business that is 

majority-owned by a Minority. Alternatively, Participants may use the definition of “minorityowned business” in the CFPB’s Small Business Data Collection Rule at 12 C.F.R. Part 1002, 

Subpart B. Treasury understands that some businesses may meet the definition of a “Minority 

Business” for the purposes of ECIP but may not be considered a “minority-owned business” 

under CFPB’s Small Business Data Collection Rule. In the interest of reducing burden, 
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Participants may nonetheless use the definition under the CFPB’s rules for their QSR reporting.