TARP

Fed to Banks: Pay Us Back

Something for the banks to give thanks for: Bloomberg reports that the Federal Reserve has asked Bank of America and eight other banks to give plans including timetables for the repayment of TARP funds. It’s a sign that that the banks have been able to raise equity and exceed the capital buffers set for them in the stress tests. The nine banks that have yet to pay back TARP funds, which also include Citigroup and Wells Fargo, received about $142 billion in bailout money.