Alert January 13, 2009

Update on Recent Developments in the Troubled Asset Relief Program

President Bush formally requested that Congress release the second $350 billion in funding for the Treasury’s Troubled Asset Relief Program (TARP).  Also, Treasury Interim Assistant Secretary for Financial Stability Neel Kashkari announced that the Treasury will post its term sheet for S-corporations to participate in the TARP Capital Purchase Program on January 14, 2009.  The application period will open on January 14 and will remain open for 30 days.  The Treasury has not yet issued a term sheet that would allow mutual financial institutions to participate in the TARP Capital Purchase Program.