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

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
191835	CDCI Application	New

ICR Details

OMB Control No: 1505-0223	ICR Reference No: 201001-1505-003
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/DO	Agency Tracking No: TARP
Title: Troubled Asset Relief Program - Community Development Capital Initiative (CDCI)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 02/05/2010
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/12/2010
	Date Received in OIRA: 02/02/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2010	6 Months From Approved
Responses	200	0	0
Time Burden (Hours)	400	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

Emergency Justfication: 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.

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Authorizing Statute(s): PL: Pub.L. 110 - 343 101 Name of Law: Emergency Economic Stabilization Act of 2008
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking
	Other Documents for OIRA Review

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
CDCI Application

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ICR Summary of Burden

	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

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new capital program under TARP for a smaller group of applicants that focus on community development activities.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 02/02/2010

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