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Treasury, Federal Reserve, FDIC and OCC issue joint statement regarding Supervisory Capital Assessment Program, Capital Assistance Program and repayments of CPP funding

Alston & Bird LLP
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USA
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May 6 2009

This afternoon, the Treasury Department, Federal Reserve, FDIC and OCC issued a joint statement addressed a variety of questions arising under the pending Supervisory Capital Assessment Program (SCAP) and its interrelationship with Treasury's Capital Assistance Program (CAP

Fannie Mae reports $23.2 billion first quarter loss and need for additional $19 billion capital injection from Treasury

Alston & Bird LLP
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USA
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May 9 2009

Yesterday, Fannie Mae reported a $23.2 billion loss for the first quarter of 2009, the seventh straight quarterly loss, resulting in a net worth deficit of $18.9 billion (after taking into account a decrease in unrealized losses on available-for-sale securities

Repurchases of senior preferred stock held by Treasury: a critical decision for CPP participants

Alston & Bird LLP
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USA
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May 11 2009

The repurchase of senior preferred stock sold to the U.S. Treasury Department under the Capital Purchase Program (CPP) is coming to the forefront as a critical and possibly unavoidable decision for every banking organization that has participated in the CPP

Bernanke defends stress tests

Alston & Bird LLP
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USA
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May 12 2009

In a speech last night at the Federal Reserve Bank of Atlanta's Financial Markets Conference, Federal Reserve Chairman Ben Bernanke acknowledged that "projecting credit losses in an uncertain economic environment is difficult, to say the least," but nonetheless expressed confidence in the results of the Supervisory Capital Assessment Program (SCAP) given "the intensive, painstaking nature" of the assessment process

Geithner: "the financial system is starting to heal"

Alston & Bird LLP
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USA
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May 13 2009

In a speech this morning before the Independent Community Bankers of America (ICBA), while acknowledging that "the process of financial recovery and repair is going to take time," Treasury Secretary Geithner cited several key metrics that indicated that "the financial system is starting to heal"

FOMC issues upbeat outlook

Alston & Bird LLP
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USA
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September 23 2009

Today, the Federal Reserve's Federal Open Market Committee (FOMC) issued a statement that included a somewhat more upbeat assessment of the prospects for economic recovery than prior FOMC statements

Treasury releases completed transactions report showing more CPP transactions

Alston & Bird LLP
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USA
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March 11 2009

Yesterday, Treasury released a completed transactions report showing its most recent round of completed funding under the Troubled Asset Relief Program

Chairman Bernanke presents semi-annual monetary policy report to Senate Banking Committee

Alston & Bird LLP
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USA
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February 26 2010

Yesterday, Federal Reserve Chairman Ben Bernanke delivered his semi-annual monetary policy report to the Senate Committee on Banking, Housing, and Urban Affairs

Treasury releases completed transactions report, including additional loans to Chrysler and GM

Alston & Bird LLP
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USA
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May 22 2009

Today, Treasury released a completed transaction report disclosing that two financial institutions had repurchased an aggregate of $77,193,000 of preferred stock issued to Treasury under the Capital Purchase Program (CPP), and one other financial institution that had previously repurchased Treasury's preferred stock paid an additional $1,200,000 to purchase Treasury's warrants, reducing Treasury’s total investment in financial institutions under the CPP (net of repayments) to $197,869,419,000

Congressional Oversight Panel issues report on foreclosure mitigation

Alston & Bird LLP
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USA
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March 6 2009

This morning, the Congressional Oversight Panel (COP), established by Section 125 of the Emergency Economic Stabilization Act of 2008, issued a report entitled "The Foreclosure Crisis: Working Towards a Solution."

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