On October 14, 2008, the United States Department of the Treasury announced the availability of its voluntary Troubled Asset Relief Program (TARP) Capital Purchase Program (CPP) for qualifying U.S.-controlled banks, savings associations, and certain bank and savings-and-loan holding companies. Through the CPP, the Treasury seeks to enhance the capital bases of publicly traded domestic financial institutions in an effort to thaw the credit markets and enable the flow of financing to businesses and consumers. The fast-approaching deadline for banks to submit their applications is November 14, 2008.
While the CPP presents significant opportunities and benefits, it is imperative for any interested and qualified financial institution to understand fully the requirements and conditions of CPP participation. More recently, the Federal Deposit Insurance Corporation (FDIC) has announced its agreement to purchase Commercial Paper and it’s Temporary Liquidity Guarantee Program.
On October 30, 2008 Foley’s Financial Crisis Response Team presented The Treasury's Financing Initiatives: Understanding the Fine Print, a Web conference providing comprehensive analysis of the government’s financing initiatives.
During the Web Conference, Foley’s Financial Crisis Response Team attorneys discussed:
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