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10 Year Anniversary of the TARP Capital Purchase Program

October 15, 2018

Authors

Robert Klingler

10 Year Anniversary of the TARP Capital Purchase Program

October 15, 2018

by: Robert Klingler

Ten years ago, on October 13, 2008, the U.S. Treasury Secretary Henry Paulson effectively locked the CEO’s of the nine largest banks in the United States in a conference room and demanded that they accept an investment from the U.S. Government. Although we had front row seats for much of the activity over the ensuing years, reading the New York Times summary of that meeting from the following day still provides a sense of just how shocking all of this was.

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10 Years of Troubled Asset Relief Program

October 3, 2018

Authors

Robert Klingler

10 Years of Troubled Asset Relief Program

October 3, 2018

by: Robert Klingler

10 Years ago today, on October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, creating the Troubled Asset Relief Program (TARP) and authorizing the expenditure of up to $700 billion.  Pursuant to its obligations under TARP, the Treasury still publishes regular reports on its investments and activities thereunder.  The Treasury has also published a TARP Tracker

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The Positive Local Impact of TARP

January 3, 2013

Authors

Robert Klingler

The Positive Local Impact of TARP

January 3, 2013

by: Robert Klingler

On December 19, 2012, the recipient of smallest TARP CPP Investment repaid Treasury in full.   Freeport State Bank got $301,000 under the TARP Capital Purchase Program, and repaid in full, including $61,900 in dividends and ’s main bank rescue–the tiniest sum among the 707 institutions that signed up back in 2008 and 2009.  Speaking to the Wall Street Journal, the bank’s chairman and CEO, Leon Drouhard, explained the critical role TARP played in stabilizing the economy during the worst financial crisis since the Great Depression.

“[TARP] has been a very important thing and it has been a beneficial

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Trapped by TARP – An Update on the Capital Purchase Program

January 30, 2012

Authors

Robert Klingler

Trapped by TARP – An Update on the Capital Purchase Program

January 30, 2012

by: Robert Klingler

On January 26, 2012, the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) released its latest Quarterly Report to Congress.  At 302 pages, I can’t say that it’s recommended reading for anyone, but there are portions of it that may be of significant interest to those in the industry.

One of the central themes of the SIGTARP report is that TARP will continue to exist for years.  In addition to programs designed to support the housing market and certain securities markets that are scheduled to last until as late as 2017, 371 banks remain

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Treasury Scrambles to Close SBLF Investments

September 16, 2011

Authors

Barry Hester and Bryan Cave Leighton Paisner

Treasury Scrambles to Close SBLF Investments

September 16, 2011

by: Barry Hester and Bryan Cave Leighton Paisner

On September 14, 2011, Treasury announced additional disbursements under the Small Business Lending Fund (SBLF).  Total funding through the date of this release totals $2.38 billion to 191 institutions.  This is not even 10% of the $30 billion authorized under the program.  Treasury has stated in a whitepaper that 932 institutions ultimately applied for $11.8 billion in SBLF funding and that, as of September 1, it had issued preliminary approvals to all eligible and qualified applicants, 382 institutions in all for a total of $4.3 billion.  Best case, then, Treasury expects to utilize only about 14% of the

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Financial Services Update – March 11, 2011

March 11, 2011

Authors

Matt Jessee

Financial Services Update – March 11, 2011

March 11, 2011

by: Matt Jessee

OCC Criticizes Durbin Amendment

Last Friday, John Walsh, the Acting Comptroller of the U.S. Currency who oversees regulation of the nation’s largest banks, sent a letter to the Federal Reserve criticizing the Fed’s proposed rule to implement the Wall Street Reform Act’s “Durbin debit card swipe fee” amendment. In the letter, Walsh said the Durbin amendment “takes an unnecessarily narrow approach to recovery of costs that would be allowable under the law and that are recognized and indisputably part of conducting a debit card business. This has long term safety and soundness consequences – for banks of all sizes –

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Financial Services Update – February 4, 2011

February 8, 2011

Authors

Matt Jessee

Financial Services Update – February 4, 2011

February 8, 2011

by: Matt Jessee

Warren Interviews AGs for Consumer Protection Agency

Reports this week indicate that Elizabeth Warren, who is interim head of the U.S. Consumer Financial Protection Bureau, has interviewed four Democratic state attorneys general to be her permanent successor. The four AGs reportedly in the running are Tom Miller of Iowa, Lisa Madigan of Illinois, Roy Cooper of North Carolina and Martha Coakley of Massachusetts. The bureau is scheduled to officially start work on July 21. Under the Dodd-Frank Wall Street Reform Act, which President Obama signed in July, the bureau must have a Senate-confirmed director to perform certain functions such as

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Financial Services Update – January 21, 2011

January 21, 2011

Authors

Matt Jessee

Financial Services Update – January 21, 2011

January 21, 2011

by: Matt Jessee

Immelt Appointed Chairman of Council on Jobs and Competitiveness; Volcker Resigns

On Friday, President Obama announced that General Electric CEO Jeff Immelt will serve as Chairman of the newly created “Council on Jobs and Competitiveness.”  The Council will advise the President on job creation policies and on the establishment of a long-term growth strategy.  Immelt previously served on the board of the President’s Economic Recovery Advisory Board (PERAB).  On Thursday, the President also announced the resignation of PERAB Chairman Paul Volcker and dissolution of the PERAB.

SEC Issues New Rules on Asset Backed Securities

On Thursday, the Securities and Exchange

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Financial Services Update – January 14, 2011

January 17, 2011

Authors

Matt Jessee

Financial Services Update – January 14, 2011

January 17, 2011

by: Matt Jessee

Consumer Products Safety Commission Announces Complaints Database

On Monday, the Consumer Products Safety Commission (CPSC) announced that for the first time the Agency will make public thousands of complaints it receives each year about safety problems with consumer products. The database, which was authorized in 2008 consumer product safety legislation, will be launched online in March. Until now, the only way for consumers to access safety complaints has been to file a public records request with the CPSC. The agency was then required by law to consult with the manufacturer before releasing information about their products, and the company could

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Financial Services Update – December 30, 2010

January 5, 2011

Authors

Matt Jessee

Financial Services Update – December 30, 2010

January 5, 2011

by: Matt Jessee

Cuomo Announces Settlement with Rattner

On Thursday,  New York Attorney General Andrew Cuomo announced that Quadrangle Group principal Steven Rattner has agreed to pay $10 million and refrain from doing business with any New York pension funds for five years, however the settlement does not require Rattner to admit any wrongdoing. The settlement was in response to Cuomo’s investigation of Rattner’s alleged role in a scandal involving the state’s public employees’ pension fund. Rattner already agreed to pay $6.2 million to settle a separate Securities and Exchange Commission case related to its pay-to-play investigation. The SEC settlement also prevents Mr.

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