News & Insights

On February 2, 2022, the U.S. Department of the Treasury ("Treasury") released drafts of the definitive transaction documentation with respect to the capital securities issuable by Community Development Financial Institutions ("CDFIs") and Minority Depository Institutions ("MDIs") who have received allocations under the Emergency Capital Investment Program ("ECIP"). These capital securities would be issued in the form of noncumulative perpetual preferred stock for C corporation issuers and as subordinated debt securities for S corporation issuers, and are referenced collectively in...