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Federal forms, ICRs, and supporting documents

Information Collection Request

Troubled Asset Relief Program - Community Development Capital Initiative (CDCI)

ICR 201001-1505-003 · OMB 1505-0223 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
No forms / supporting documents in this ICR. Check IC Document Collections.
IC Document Collections
IC IDCollectionTypeStatusForm
191835 CDCI Application New
ICR Details
1505-0223 201001-1505-003
Historical Active
TREAS/DO TARP
Troubled Asset Relief Program - Community Development Capital Initiative (CDCI)
New collection (Request for a new OMB Control Number)   No
Emergency 02/05/2010
Approved without change 02/12/2010
Retrieve Notice of Action (NOA) 02/02/2010
  Inventory as of this Action Requested Previously Approved
08/31/2010 6 Months From Approved
200 0 0
400 0 0
0 0 0
This application will be used to request participation in the TARP Community Development Capital Initiative (CDCI). Under the CDCI, the U.S. Department of the Treasury may purchase qualifying assets from U.S. banking organizations that are certified Community Development Financial Institutions (CDFI). Any bank, savings association, bank holding company, savings and loan holding company, and low-income designated credit union is eligible to participate if it is (i) certified by the Treasury's CDFI Fund as a CDFI; (ii) regulated by a Federal banking or credit union agency; and (iii) organized under the laws of the United States. Financial institutions that are controlled by a foreign entity will not be eligible. Additionally, CDFIs that have participated in and have outstanding obligations under the TARP Capital Purchase Program (CPP) may apply to request an exchange of securities purchased under CPP by Treasury, for securities to be issued to Treasury under the CDCI. Eligibility to participate in the CDCI solely for purposes of exchanging outstanding obligations under CPP shall occur without regard to whether the institution seeks to participate in the CDCI for purposes of receiving additional capital. Institutions seeking additional capital under the CDCI shall submit a separate application for that purpose.
Community Development Financial Institutions (CDFIs) provide vital financial services specifically targeted at underserved low- and moderate-income communities that have been hardest hit by the current economic downturn. CDFIs play a unique role in their local markets – unlike with traditional banks, communities served by CDFIs may not see new entrants if existing CDFIs continue to struggle or even withdraw from the market. Withholding public support of CDFIs under anomalous economic conditions would reverse decades of gains they have made in communities. Deploying TARP funds through the Community Development Capital Program (CDCP) alongside private capital will help CDFIs bridge this difficult environment and continue serving the disadvantaged communities in which they have developed unique expertise. Due to timing limitations on EESA’s statutory authority, the CDCP application window for interested participants will only be open for one month and funding will have to occur by September 30, 2010. Therefore, we are requesting emergency clearance to expedite the program launch.
PL: Pub.L. 110 - 343 101 Name of Law: Emergency Economic Stabilization Act of 2008
  
None
Not associated with rulemaking
Other Documents for OIRA Review
No
1
IC Title Form No. Form Name
CDCI Application
  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 200 0 0 200 0 0
Annual Time Burden (Hours) 400 0 0 400 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
This is a new capital program under TARP for a smaller group of applicants that focus on community development activities.
No
No
Uncollected
Uncollected
No
Uncollected
Daniel Abramowitz 202 927-9645 [email protected]
  No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
02/02/2010