ECIP funding determination announced; second round rescinded

Published by: Emily Leite

June 14, 2023 | Government Affairs

When the Fiscal Responsibility Act of 2023 was enacted on June 3, most of the predicted government funding and economic disruptions were averted, lessening further exacerbating the already daunting circumstances facing credit unions in deposit generation, pricing and funding, and liquidity management. While the Act was mostly positive for credit unions, it rescinded COVID relief-related funding, including any “unobligated” Emergency Capital Investment Program (ECIP) funds. Unfortunately, the U.S. Treasury recently announced it was compelled to rescind any second-found ECIP funding that was not awarded prior to June 3, which included pending applications. This means any credit union with a pending second-round ECIP funding application is unable to receive ECIP funding.


Please reach out if Treasury’s ECIP determination impacted your credit union. The League is exploring alternative options to help credit unions access funds needed to support local communities.

Contact Emily Leite for questions or assistance.

Emily Leite
Emily Leite Chief Advocacy Officer E:
Contact Us

Other Movement News

Government Affairs

League advocates for “clean” NDAA funding bill

In a gridlocked Congress, must-pass federal spending bills open an opportunity to accomplish policy initiatives that can either promote or inhibit credit unions from serving their members. That’s why the […]

Ohio shows united opposition to debit interchange rule

Cards, compliance, and cybersecurity all have a cost, and that is why the League submitted a comment letter expressing serious concern and vehement opposition to the Federal Reserve’s proposal to […]
Member Benefits

Trending on Huddle: Are you a part of the discussion?

Connecting and collaborating are part of what makes the Credit Union Movement unique to financial services and continue to be a cornerstone of its collective success. The League’s online community, […]