FINANCIAL STABILITY OVERSIGHT BOARD 

QUARTERLY REPORT TO CONGRESS 

For the quarter ending 

September 30, 2020 

Submitted pursuant to section 104(g) of the 

Emergency Economic Stabilization Act of 2008

Statutory Members

Jerome H. Powell 

Chairman 

Board of Governors of the Federal Reserve System 

 

Steven T. Mnuchin 

Secretary 

Department of the Treasury 

 Jay Clayton 

Chairman 

Securities and Exchange Commission 

 

Ben Carson 

Secretary 

Department of Housing and 

Urban Development 

 Mark A. Calabria 

Director 

Federal Housing Finance Agency 

 
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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Table of Contents

I. Introduction ........................................................................................................................3 

II. The Effects and Costs of EESA Programs .......................................................................4 

III. Discussion of the Actions Taken by Treasury

 under the EESA during the Quarterly Period .................................................................8 

a. Housing Stabilization and Foreclosure Mitigation ........................................................8 

b. Capital and Guarantee Programs for Banking Organizations ........................................11 

i. Capital Purchase Program Update .......................................................................11 

ii. Community Development Capital Initiative ........................................................12 

Appendix Minutes of the Financial Stability Oversight

 Board Meetings during the Quarterly Period .................................................................13 
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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I. INTRODUCTION

This quarterly report of the Financial Stability Oversight Board (“Oversight Board”), 

issued pursuant to section 104(g) of the Emergency Economic Stabilization Act of 2008 

(“EESA”), covers the period from July 1, 2020 to September 30, 2020 (the “quarterly period”). 

The Oversight Board was established by section 104 of the EESA to help oversee the 

Troubled Asset Relief Program (“TARP”) and other emergency authorities and facilities granted 

to the Secretary of the Treasury (“Secretary”) under the EESA. The Oversight Board is 

composed of the Secretary, the Chairman of the Board of Governors of the Federal Reserve 

System (“Federal Reserve Board”), the Director of the Federal Housing Finance Agency 

(“FHFA”), the Chairman of the Securities and Exchange Commission (“SEC”), and the 

Secretary of the Department of Housing and Urban Development (“HUD”). In accordance with 

the bylaws of the Oversight Board, each Member has designated an official of the same agency 

to serve as that Member's Representative on the Oversight Board (“Representative”).1

Through Oversight Board meetings and other activities, the Oversight Board reviews and 

monitors the development, implementation, and effect of the policies and programs established 

under TARP to restore liquidity and stability to the U.S. financial system. 

The Oversight Board met three times during the quarterly period, specifically on July 23, 

August 20, and September 24, 2020. As reflected in the minutes of the Oversight Board’s 

meetings,2 the Oversight Board regularly receives presentations and briefings from Treasury 

officials during these meetings to assist the Oversight Board in monitoring the actions taken by 

the Treasury Department under TARP and the Administration’s Financial Stability Plan. 

 

                                                             1

 The respective Members named the following Representatives: Mr. Andreas 

Lehnert, Division Director, Federal Reserve Board; Mr. Kipp Kranbuhl, Principal Deputy 

Assistant Secretary for Financial Markets, Department of the Treasury; Mr. Kurt Usowski, 

Deputy Assistant Secretary, Office of Economic Affairs, Department of Housing and Urban 

Development; Mr. Bryan Wood, Deputy Chief of Staff, Securities and Exchange 

Commission; and Mr. Christopher Curtis, Principal Deputy General Counsel, Federal 

Housing Finance Agency. 

2

 Approved minutes of the Oversight Board’s meetings are available at: 

http://www.treasury.gov/initiatives/financial-stability/abouttarp/finsob/Pages/minutes-reports.aspx.
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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II. THE EFFECTS AND COSTS OF EESA PROGRAMS

Housing Programs 

As discussed further below, TARP housing-sector programs through the Hardest Hit Fund 

(“HHF”) will continue to provide assistance to mortgage borrowers. On December 30, 2016, in 

accordance with the Consolidated Appropriations Act, 2016 (“the Act”), the Making Home 

Affordable (“MHA”) Program closed to new applications. MHA servicers were required to 

evaluate applications submitted before the deadline and offer Home Affordable Modification 

Program (“HAMP”) trial modifications to eligible applicants in accordance with program 

guidelines. All MHA transactions were required to be completed by December 1, 2017. 

 

The Act also amended EESA as it relates to the HHF. The Act gave the Secretary until 

December 31, 2017 to commit up to $2 billion in additional TARP funds to current HHF program 

participants. On February 19, 2016, Treasury announced that it would exercise its authority to 

obligate up to $2 billion in additional TARP funds to the HHF, as authorized by the Act. 

Treasury allocated the funds among participating housing finance agencies (HFAs) in two phases 

of $1 billion each and extended the date by which states would be required to finalize any 

decisions with respect to underwriting homeowner assistance or blight elimination projects to 

December 31, 2020. On April 24, 2020, Treasury further extended the date to June 30, 2021. 

With the passage of time and maturation of TARP housing-sector programs, and years of 

successful performance by households under their respective housing assistance actions, the focus 

of Oversight Board analysis of housing-sector program effects naturally must evolve. Because 

MHA has closed to new applications, the volume of new MHA borrower assistance actions no 

longer serves as a useful indicator for its assessment of program effects. Similarly, as the bulk of 

HAMP modifications has already seasoned beyond four years—an important benchmark in 

performance analysis of mortgage lending—the Oversight Board believes that further analysis of 

incremental HAMP interest rate resets and re-default rates at this juncture will yield relatively 

little additional information on the sustainability of HAMP modifications. Instead, Oversight 

Board evaluation of the effects of these housing-sector programs will focus on disbursement rates 

of TARP resources and on homeowner completion of modifications or other respective assistance 

actions under TARP, for example, as those actions reach the end of their subsidy or TARP 

program period. 

Investment Programs 

Repayments and recoupments of financial sector investments have brought the remaining 

outstanding balances of TARP investment programs to only a small fraction of their peak levels. 

The Capital Purchase Program (“CPP”) and the Community Development Capital Initiative 

(“CDCI”) remain the only TARP financial-sector programs that still have outstanding balances. 

Accordingly, the Oversight Board evaluation of the effects of TARP financial-sector programs 

focuses on Treasury’s administration of the financial-sector assets Treasury still owns, 

emphasizing the management of these assets toward exit strategies that protect taxpayers rather 

than the connection of these assets to overall conditions in financial markets. Evaluations of such 

efforts are integrated with broader discussion of investment program developments in section III. 
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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As the participation in these programs winds down more than a decade later, it is important 

to highlight that in past quarterly reports, the Oversight Board indicated that financial-market 

shocks from the crisis were lessened by Treasury’s actions under EESA, and that TARP and other 

government programs contributed to preventing the adverse effects of the crisis from becoming 

significantly more severe. The accumulated effects of Treasury’s actions under TARP 

contributed significantly and positively to conditions in many financial markets and increased 

credit supply to businesses and households during subsequent quarters. 

Cost of TARP Programs 

Treasury provides updated cost assessments for TARP programs two times per year and 

prepares financial statements for TARP on an annual basis in the Agency Financial Report. The 

most recent lifetime cost estimates of TARP that were available during the reporting period were 

as of November 30, 2019 (figure 1). The TARP programs fall into two categories: Housing 

Programs and Investment Programs. 

According to these estimates, the expected cost for the housing programs is $32.23 billion. 

The expected cost for the investment programs is -$0.35 billion, broken down as follows: 

 Bank Support Programs – expected return of $24.25 billion 

 Capital Market Programs – expected return of $3.34 billion 

 Other Programs – expected cost of $27.25 billion 

The overall estimated cost of TARP will be approximately $31.88 billion. Using the same 

assumptions, Treasury also estimated that the combined overall cost of TARP and other Treasury 

interests in AIG will be approximately $14.33 billion. 

The ultimate cost of TARP remains uncertain and will depend on how financial markets 

and the economy perform in the future. The individual TARP program lifetime costs are also as of 

November 30, 2019 (figure 1). 

 
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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Figure 1 

Programs as of September 30, 2020 (dollar amounts in billions)

Making Home Affordable $ 21 32 23.47 $ n/a 22.61 $ 

Hardest Hit Fund8 $ 9.60 $ 9.50 n/a 9.60 $ 

FHA-Refinance9 $ 0 02 0.05 $ n/a $ 0.01

Sub-total for Housing Programs 33.12 $ 30.85 $ n/a 32.23 $ 

Bank Support Programs:

Capital Purchase Program (CPP)5 $ 204 89 204.89 $ 0.02 $ (16.32) $ 

Targeted Investment Program (TIP) 40.00 $ 40 00 $ - $ (4.00) $ 

Asset Guarantee Program (AGP)6 $ 5.00 $ - $ (4.00) - $ 

Community Development Capital Initiative (CDCI) $ 0.57 0.57$ $ 0.00 $ 0.06

 Sub-total Bank Support Programs $ 245.46 250.46 $ 0.02 $ $ (24.25)

Credit Market Programs:

Public-Private Investment Program (PPIP) $ 18.63 $ 18.63 $ (2.73) - $ 

Term Asset Backed Securities Lending Facility (TALF) $ 0.10 $ 0.10 $ (0.61) - $ 

Purchase SBA 7(a) Securities (SBA) $ 0.37 $ 0.37 $ (0.00) - $ 

 Sub-total Credit Market Programs $ 19.09 $ 19.09 $ (3.34) - $ 

Other Programs:

American International Group (AIG) $ 67.84 $ 67 84 $ 15.18 - $ 

Automotive Industry Financing Program (AIFP) $ 79.69 79.69 $ $ - $ 12.07

 Sub-total Other Programs $ 147.53 147.53 $ - $ 27.25 $ 

Sub-total for Investment Programs7 $ 411.72 417.09 $ 0.02 $ (0.35) $ 

Sub-total for Housing Programs 33.12 $ 30.72 $ n/a 32.23 $ 

Sub-total for Investment Programs6 $ 411.72 417.09 $ 0.02 $ (0.35) $ 

 Total for TARP Programs 450.20 $ 442.57 $ 0.02 $ 31.88 $ 

Additional AIG Common Shares Held by Treasury10 n/a n/a n/a $ (17.55)

Total for TARP Programs and Additional AIG Shares 450.20 $ 442.57 $ 0.02 $ 14.33 $ 

Part 3. Total for TARP Programs

Obligation/

Commitment

Disbursed as of 

September 30

Outstanding 

Investment 

Balance as of 

September 30

Estimated Lifetime 

Cost as of 

November 30, 2019 4

Part 1. Housing Programs

Part 2. Investment Programs
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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Notes: 

 

1

2

3

4

5

6

7

8

9

10

The law creating the Small Business Lending Fund (SBLF) provided that banks could refinance securities issued under the CPP and CDCI programs with securities issued under 

the SBLF. A total of 137 CPP banks refinanced under the SBLF resulting in repayments of $2 21 billion in CPP investments.

For more information, see note 10 to the Monthly TARP Update: http://www.treasury.gov/initiatives/financial-stability/reports/Pages/daily-tarp-reports.aspx

Treasury is continuing to disburse funds related to its housing programs, and continuing to recoup its outstanding investments.

Updates regarding oversight of TARP programs can be found at https://www treasury.gov/initiatives/financial-stability/about-tarp/Pages/Oversight-andEstimated lifetime cost figures for investment programs and FHA-Refinance are as of November 30, 2019. Figures include interest on reestimates. Lifetime cost information for 

Making Home Affordable and Hardest Hit Fund reflect cost estimates published in the 2021 President's Budget.

Estimated lifetime cost for AGP includes $276 million for the termination fee Bank of America paid Treasury-OFS for the value received from the announcement of the negotiations 

on the guarantee and share losses on a pool of assets.

$411.72 is the actual amount disbursed under the various TARP investment programs as opposed to obligations totaling $412.08. This is because 28 CPP banks converted from 

the CPP program to the CDCI program and those conversions, totaling $363.3 million, are not reflected as new disbursements.

In December, 2015, Congress passed the Consolidated Appropriations Act, 2016, which gave the Secretary of the Treasury the authority to commit up to $2 billion in additional 

TARP funds to current HHF program participants. The additional $2 billion was obligated by Treasury as of June 2016 and is included in the total amount obligated for HHF.

In September 2017 the letter of credit was reduced from $100 million to $27 million. The figures in this line also include $18 million obligated for administrative expenses 

associated with the letter of credit. 

As discussed in note 10 to the Monthly TARP Update, Treasury’s investment in AIG common shares consisted of shares acquired in exchange for preferred stock purchased with 

TARP funds (TARP shares) and shares received from the trust created by the FRBNY for the benefit of Treasury as a result of its loan to AIG (non-TARP shares). Treasury 

managed the TARP shares and non-TARP shares together, and disposed of them pro-rata in proportion to its holdings. Only the TARP shares are included under “Other 

Programs—AIG” and the lifetime cost estimate shows a loss based on Treasury’s cost basis in the TARP shares alone. However, a gain is shown for the non-TARP shares on the 

line entitled “Additional AIG Common Shares Held by Treasury” because Treasury’s cost basis in such shares was deemed to be zero. When the TARP shares and non-TARP 

shares are considered together, Treasury’s cost on a cash basis was $28.73 per share. TARP estimates include financing costs (borrowing) from the time of initial investment 

through the close of the program. 
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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III. DISCUSSION OF THE ACTIONS TAKEN BY TREASURY UNDER THE 

EESA DURING THE QUARTERLY PERIOD

This section provides a detailed update on the various programs, policies, financial 

commitments, and administrative actions taken by Treasury under EESA during the quarterly 

period, from July 1 to September 30, 2020, subject to review and oversight of the Oversight Board. 

a. Housing Stabilization and Foreclosure Mitigation

During the quarterly period, a quarterly HAMP Performance Summary was released 

covering program activity during the period July 2020 through September 2020.6

 A Performance 

Summary for HHF was also released covering the third quarter of 2020.7 In addition, housing 

market indicator reports on the health of the nation’s housing market produced by HUD were 

released for each month of the quarter.8

i. MHA

MHA programs provide assistance actions through first and second lien permanent 

modifications under HAMP, Treasury FHA HAMP, RD-HAMP (administered by the Rural 

Development Division of the Department of Agriculture), Second Lien Modification Program 

(“2MP”), and other assistance provided through Home Affordable Foreclosure Alternatives 

(“HAFA”) transactions and Home Affordable Unemployment Program (“UP”) forbearance plans. 

For some programs, assistance includes that provided by the Government Sponsored Enterprises 

(“GSEs”). 

The Act provided that the MHA Program would terminate on December 31, 2016, except 

with respect to certain loan modification applications made before such date. As set forth in 

program guidelines, MHA servicers were required to evaluate applications submitted before the 

deadline and offer trial modifications to eligible applicants. All MHA trial modification 

transactions were required to be completed by December 1, 2017. 

                                                             6 The HAMP Performance Summary Report tracks the total number of HAMP permanent 

modifications ever begun, and their performance by type, with the delinquency percentages of 

modifications by year. 

7 HHF Performance Summaries are available at: 

http://www.treasury.gov/initiatives/financial-stability/reports/Pages/HHF.aspx 

8 The National Housing Market Indicator Report incorporates key housing market statistics 

from government and private sector sources and is available at: 

https://www.huduser.gov/portal/ushmc/hmi-update.html.
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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As of September 30, 2020, Treasury had disbursed $21.3 billion in incentive payments for 

MHA, $0.13 billion of which was disbursed during the third quarter of 2020.9

 Treasury estimated 

that $22.43 billion in incentive payments would ultimately be disbursed in association with all 

MHA assistance actions, based on actual and projected volume as of September 30, 2020. 

a. HAMP

Through December 2017, more than 1.7 million HAMP permanent modifications had been 

completed since the start of the program. As of December 31, 2017, homeowners that received 

HAMP permanent modifications saved approximately $466 per month (median savings), 

representing a reduction of more than one third from their before-modification mortgage payment. 

Since HAMP began, homeowners who received permanent modifications had saved an estimated 

$55 billion in monthly mortgage payments.10 

ii. HHF 

As of September 30, 2020, 16 states and the District of Columbia were operating HHF 

programs throughout their respective jurisdictions, and collectively had drawn approximately 

$9.50 billion (approximately 99.0 percent) of the $9.60 billion allocated under the program (figure 

2). Two states (Florida and California) have closed and completed their final repayments to 

Treasury. Each of these eligible jurisdictions draws down funds as they are needed. The 

jurisdictions have until June 30, 2021, to approve assistance actions and must have no more than 

five percent of their allocation on hand before they can draw down additional funds. 

As of September 30, 2020, HHF has disbursed funds on behalf of 91 programs. During the 

quarter, Treasury approved program changes for Nevada, Oregon, and Rhode Island. Program 

changes are outlined each month in the Monthly Report to Congress. At this late stage of the HHF 

program, many of the HFAs have closed or expect to close their largest programs. Treasury has 

and will continue its efforts to identify best practices, share lessons learned among programs, and 

provide robust oversight of HFAs as the program winds down. 

 

                                                             9

 Treasury’s Transactions Reports (Housing), available at: 

http://www.treasury.gov/initiatives/financial-stability/reports/Pages/TARP-Housing-TransactionReports.aspx, show the adjusted cap amounts for each servicer, and the total disbursements to each 

servicer with respect to non-GSE loans. Incentive payments for GSE loans are borne by the GSEs 

and not Treasury. 

10 Treasury’s Quarterly Making Home Affordable Program Performance Reports are 

available at: http://www.treasury.gov/initiatives/financial-stability/reports/Pages/Making-HomeAffordable-Program-Performance-Report.aspx

FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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b. Capital and Guarantee Programs for Financial Institutions

i. Update on the Capital Purchase Program (“CPP”)

As of September 30, 2020, two institutions remained in the CPP program with total 

outstanding CPP obligations of $17.4 million. As of that date, Treasury had received 

approximately $207.73 billion in gross proceeds from repayments and auction sales under the CPP, 

exceeding the $204.89 billion in total funds initially disbursed.11

These repayments and auction sales, along with dividends, interest, and fee income from 

participating bank organizations brought the total cash received from the CPP to $226.8 billion. 

No additional CPP institutions filed for bankruptcy or entered receivership during the 

quarterly period. A total of 34 CPP recipients have been placed in receivership, bankruptcy, or 

have been written-off since the inception of the program (figure 3), of which 14 have exited the 

respective process. 

                                                             11 This amount received includes all proceeds received as of September 30, 2020 from CPP 

participants, including sales of common and preferred shares; institutions that refinanced to the 

Small Business Lending Fund (“SBLF”); and exchanges out of the CPP into the CDCI. 
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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Figure 3 

CPP Investments in Bankruptcy or with Banking Subsidiary 

in Receivership (cumulative since 2008) 

ii. Update on the Community Development Capital Initiative (“CDCI”) 

During the reporting period, one institution repurchased all of Treasury’s outstanding 

investment in it at par for a total of $2.5 million. As of September 30, 2020, two CDCI institutions 

remained in the program for a total outstanding investment of $1.1 million. 

Institution Name

Bankruptcy/ Receivership 

Date

CIT Group Inc.* 11/1/2009

UCBH Holdings, Inc. 11/6/2009

Pacific Coast National Bancorp* 11/13/2009

Midw est Banc Holdings, Inc.* 5/14/2010

Sonoma Valley Bancorp 8/20/2010

Pierce County Bancorp 11/5/2010

Tifton Banking Company* 11/12/2010

Legacy Bancorp, Inc. 3/11/2011

Superior Bancorp Inc. 4/15/2011

FPB Bancorp Inc. 7/15/2011

One Georgia Bank* 7/15/2011

Integra Bank Corporation 7/29/2011

Citizens Bancorp 9/23/2011

CB Holding Corp. 10/14/2011

Tennessee Commerce Bancorp, Inc. 1/27/2012

Blue River Bancshares, Inc. 2/10/2012

Fort Lee Federal Savings Bank* 4/20/2012

Gregg Bancshares, Inc. 7/13/2012

GulfSouth Private Bank* 10/19/2012

Investors Financial Corporation of Pettis County, Inc. 10/19/2012

First Place Financial Corporation* 10/29/2012

Princeton National Bancorp 11/2/2012

Premier Bank Holding Company* 8/14/2012

Gold Canyon Bank* 4/5/2013

Indiana Bank Corp.* 4/9/2013

Rogers Bancshares, Inc. 7/5/2013

Anchor Bancorp Wisconsin, Inc.* 8/12/2013

TCB Holding Company 12/13/2013

Syringa Bancorp 1/31/2014

Idaho Bancorp* 4/24/2014

Rising Sun Bancorp 10/17/2014

Western Community Bancshares, Inc. 11/7/2014

Cecil Bancorp, Inc.* 6/30/2017

OneFinancial Corporation (One Bank & Trust, N.A.)** 8/15/2018

Total

$ 84,784,000.00

CPP Institutions Entered into Bankruptcy/Receivership - Realized Loss/Write-Off

 Realized Loss/ Write-Off 

Amount 

$ 2,330,000,000.00

$ 298,737,000.00

$ 4,120,000.00

$ 5,000,000.00

$ 8,653,000.00

$ 6,800,000.00

$ 3,800,000.00

$ 5,498,000.00

$ 69,000,000.00

$ 5,800,000.00

$ 5,500,000.00

$ 83,586,000.00

$ 10,400,000.00

$ 4,114,000.00

$ 30,000,000.00

$ 11,730,000.00

$ 1,300,000.00

$ 825,000.00

$ 7,500,000.00

$ 4,000,000.00

$ 72,927,000.00

$ 25,083,000.00

$ 9,500,000.00

$ 1,607,000.00

$ 1,312,000.00

$ 25,000,000.00

$ 104,000,000.00

$ 3,277,609,000.00

*Institution has exited the bankruptcy/receivership process

**Institution has not entered bankruptcy/receivership but is not collect ble

$ 8,000,000.00

$ 6,900,000.00

$ 5,983,000.00

$ 7,290,000.00

$ 11,560,000.00

$ 17,300,000.00
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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APPENDIX A 

Minutes of the Financial Stability Oversight Board Meetings 

During the Quarterly Period 
FINANCIAL STABILITY OVERSIGHT BOARD Page 1

Minutes of the Financial Stability Oversight Board Meeting

July 23, 2020 

A meeting of the Financial 

Stability Oversight Board (the 

“Board”) was held at 3:00 p.m. EDT 

on Thursday, July 23, 2020, via 

teleconference. 

MEMBER REPRESENTATIVES 

PARTICIPATING: 

Mr. Lehnert, Division Director, 

Federal Reserve Board 

(Chairperson) 

Mr. Curtis, Principal Deputy General 

Counsel, Federal Housing 

Finance Agency 

Mr. Wood, Deputy Chief of Staff, 

Securities and Exchange 

Commission 

Mr. Usowski, Deputy Assistant 

Secretary, Office of Economic 

Affairs, Department of Housing 

and Urban Development 

STAFF PARTICIPATING: 

Ms. Mukasa, Executive Director 

AGENCY OFFICIALS 

PARTICIPATING: 

Ms. Christensen, Acting Director, 

Office of Financial Stability, 

Department of the Treasury 

Mr. Gillen, Program Director, 

Budget, IT, and Reporting, Office 

of Financial Stability, Department 

of the Treasury 

Mr. Doerner, Supervisory Economist, Federal 

Housing Finance Agency 

Mr. Beirne, Counsel, Federal Reserve Board 

The meeting was called to order by 

Mr. Lehnert at approximately 3:01 p.m. EDT. 

Upon commencement of the 

meeting, Representatives discussed draft 

minutes for the Board’s previous meeting, 

held on Thursday, June 25, 2020. The 

minutes for that meeting had been circulated 

and reviewed by Representatives in advance. 

Upon a motion duly made and seconded, 

Representatives voted to approve the minutes 

of the meeting, subject to such technical 

revisions by Representatives as deemed 

necessary. 

 Treasury officials provided the 

Representatives with an update on the 

programs Treasury established under the 

Troubled Asset Relief Program (“TARP”). 

The meeting discussion predominantly focused 

on the Capital Purchase Program (“CPP”); the 

Community Development Capital Initiative 

(“CDCI”); and the Making Home Affordable 

(“MHA”) and Hardest Hit Fund (“HHF”) 

initiatives. Included in the materials 

distributed in advance of the meeting was the 

latest monthly report issued by Treasury under 

Section 105(a) of the Emergency Economic 

Stabilization Act (“Monthly Report”), which 

contained information related to programs 

established by Treasury under TARP and 

aggregate information regarding the allocated 

and disbursed amounts under TARP. 

Throughout the meeting, Representatives 

raised and discussed issues relevant to the 

policies and programs established under 

TARP. 
FINANCIAL STABILITY OVERSIGHT BOARD Page 2

Referring to prepared 

materials, Treasury officials provided 

a report on recent developments in the 

TARP program. As of June 30, 2020, 

Treasury had disbursed a total of 

$442.44 billion, including 

approximately $411.72 billion under 

TARP investment programs and 

approximately $30.72 billion under 

TARP housing-related programs to 

assist at-risk homeowners. Total 

receipts on all TARP investment 

programs were approximately 

$443 billion. 

Treasury officials provided the 

Representatives with a status update 

on TARP investment programs, 

beginning with CPP. As of June 30, 

the CPP portfolio stood at 2 

institutions, with a total outstanding 

invested amount of $17.4 million. 

 

Treasury officials next 

reported on the status of the CDCI 

program. As of June 30, the CDCI 

portfolio stood at 3 institutions, with a 

total outstanding invested amount of 

roughly $20 million. 

Treasury officials then 

reported on MHA. As outlined in 

the Consolidated Appropriations 

Act, 2016, the MHA program 

terminated on December 31, 2016, 

and servicers were required to 

complete all MHA transactions by 

December 1, 2017. As such, there 

was no change in the number of 

homeowner assistance actions under 

MHA for June. 

Treasury officials next 

discussed recent developments in the 

HHF program. As of June 30, 2020, 

Housing Finance Agencies in the 

nineteen eligible jurisdictions had 

disbursed approximately $8.6 billion 

in program funds ($9.6 billion in total program 

and administrative funds), and drawn down 

$9.5 billion in total funds. During June, there 

were no HHF program changes. 

Finally, Representatives and staff of the 

Board discussed upcoming activities of the 

Board. 

The meeting was adjourned at 

approximately 3:08 p.m. EDT. 

 (signed electronically) 

Ms. Mukasa, 

Executive Director 
FINANCIAL STABILITY OVERSIGHT BOARD Page 1

Minutes of the Financial Stability Oversight Board Meeting

August 20, 2020 

A meeting of the Financial 

Stability Oversight Board (the 

“Board”) was held at 3:00 p.m. EDT 

on Thursday, August 20, 2020, via 

teleconference. 

MEMBER REPRESENTATIVES 

PARTICIPATING: 

Mr. Lehnert, Division Director, 

Federal Reserve Board 

(Chairperson) 

Mr. Kranbuhl, Principal Deputy 

Assistant Secretary for Financial 

Markets, Department of the 

Treasury 

Mr. Curtis, Principal Deputy General 

Counsel, Federal Housing 

Finance Agency 

Mr. Wood, Deputy Chief of Staff, 

Securities and Exchange 

Commission 

STAFF PARTICIPATING: 

Ms. Mukasa, Executive Director 

AGENCY OFFICIALS 

PARTICIPATING: 

Ms. Christensen, Acting Director, 

Office of Financial Stability, 

Department of the Treasury 

Mr. Doerner, Supervisory Economist, 

Federal Housing Finance Agency 

Mr. Reeder, Director, Office of Economic 

Affairs, Department of Housing and Urban 

Affairs 

Mr. Beirne, Counsel, Federal Reserve Board 

The meeting was called to order by 

Mr. Lehnert at approximately 3:02 p.m. EDT. 

Upon commencement of the 

meeting, Representatives discussed draft 

minutes for the Board’s previous meeting, 

held on Thursday, July 23, 2020. The minutes 

for that meeting had been circulated and 

reviewed by Representatives in advance. 

Upon a motion duly made and seconded, 

Representatives voted to approve the minutes 

of the meeting, subject to such technical 

revisions by Representatives as deemed 

necessary. 

 Treasury officials provided the 

Representatives with an update on the 

programs Treasury established under the 

Troubled Asset Relief Program (“TARP”). 

The meeting discussion predominantly focused 

on the Capital Purchase Program (“CPP”); the 

Community Development Capital Initiative 

(“CDCI”); and the Making Home Affordable 

(“MHA”) and Hardest Hit Fund (“HHF”) 

initiatives. Included in the materials 

distributed in advance of the meeting was the 

latest monthly report issued by Treasury under 

Section 105(a) of the Emergency Economic 

Stabilization Act (“Monthly Report”), which 

contained information related to programs 

established by Treasury under TARP and 

aggregate information regarding the allocated 

and disbursed amounts under TARP. 

Throughout the meeting, Representatives 

raised and discussed issues relevant to the 
FINANCIAL STABILITY OVERSIGHT BOARD Page 2

policies and programs established 

under TARP. 

Referring to prepared 

materials, Treasury officials provided 

a report on recent developments in the 

TARP program. As of July 31, 2020, 

Treasury had disbursed a total of 

$442.48 billion, including 

approximately $411.72 billion under 

TARP investment programs and 

approximately $30.76 billion under 

TARP housing-related programs to 

assist at-risk homeowners. Total 

receipts on all TARP investment 

programs were approximately 

$443 billion. 

Treasury officials provided the 

Representatives with a status update 

on TARP investment programs, 

beginning with CPP. As of July 31, 

the CPP portfolio stood at 2 

institutions, with a total outstanding 

invested amount of $17.4 million. 

 

Treasury officials next 

reported on the status of the CDCI 

program. During August, Treasury 

completed the full repurchase of 

Carver Bancorp, Inc., generating $2.5 

million in proceeds. As of August 19, 

the CDCI portfolio stood at 2 

institutions, with a total outstanding 

invested amount of roughly $1 

million. 

Treasury officials then 

reported on MHA. As outlined in 

the Consolidated Appropriations 

Act, 2016, the MHA program 

terminated on December 31, 2016, 

and servicers were required to 

complete all MHA transactions by 

December 1, 2017. As such, there 

was no change in the number of 

homeowner assistance actions under 

MHA for July. 

Treasury officials next discussed recent 

developments in the HHF program. As of July 

31, 2020, Housing Finance Agencies in the 

nineteen eligible jurisdictions had disbursed 

approximately $8.6 billion in program funds 

($9.6 billion in total program and 

administrative funds), and drawn down 

$9.5 billion in total funds. During July, 

program changes were approved for the states 

of Nevada and Rhode Island. 

Finally, Representatives and staff of the 

Board discussed upcoming activities of the 

Board. 

The meeting was adjourned at 

approximately 3:12 p.m. EDT. 

 (signed electronically) 

Ms. Mukasa, 

Executive Director 
FINANCIAL STABILITY OVERSIGHT BOARD Page 1

Minutes of the Financial Stability Oversight Board Meeting

September 24, 2020 

A meeting of the Financial 

Stability Oversight Board (the 

“Board”) was held at 2:00 p.m. EDT 

on Thursday, September 24, 2020, via 

videoconference. 

MEMBER REPRESENTATIVES 

PARTICIPATING: 

Mr. Lehnert, Division Director, 

Federal Reserve Board 

(Chairperson) 

Mr. Kranbuhl, Principal Deputy 

Assistant Secretary for Financial 

Markets, Department of the 

Treasury 

Mr. Curtis, Principal Deputy General 

Counsel, Federal Housing 

Finance Agency 

Mr. Wood, Deputy Chief of Staff, 

Securities and Exchange 

Commission 

Mr. Usowski, Deputy Assistant 

Secretary, Office of Economic 

Affairs, Department of Housing 

and Urban Development 

STAFF PARTICIPATING: 

Ms. Mukasa, Executive Director 

Mr. Gonzalez, General Counsel and 

Secretary 

AGENCY OFFICIALS 

PARTICIPATING: 

Ms. Christensen, Acting Director, 

Office of Financial Stability, Department 

of the Treasury 

Mr. Doerner, Supervisory Economist, Federal 

Housing Finance Agency 

Mr. Beirne, Counsel, Federal Reserve Board 

The meeting was called to order by 

Mr. Lehnert at approximately 2:01 p.m. EDT. 

Upon commencement of the 

meeting, Representatives discussed draft 

minutes for the Board’s previous meeting, 

held on Thursday, August 20, 2020. The 

minutes for that meeting had been circulated 

and reviewed by Representatives in advance. 

Upon a motion duly made and seconded, 

Representatives voted to approve the minutes 

of the meeting, subject to such technical 

revisions by Representatives as deemed 

necessary. 

 Treasury officials provided the 

Representatives with an update on the 

programs Treasury established under the 

Troubled Asset Relief Program (“TARP”). 

The meeting discussion predominantly focused 

on the Capital Purchase Program (“CPP”); the 

Community Development Capital Initiative 

(“CDCI”); and the Making Home Affordable 

(“MHA”) and Hardest Hit Fund (“HHF”) 

initiatives. Included in the materials 

distributed in advance of the meeting was the 

latest monthly report issued by Treasury under 

Section 105(a) of the Emergency Economic 

Stabilization Act (“Monthly Report”), which 

contained information related to programs 

established by Treasury under TARP and 

aggregate information regarding the allocated 

and disbursed amounts under TARP. 

Throughout the meeting, Representatives 
FINANCIAL STABILITY OVERSIGHT BOARD Page 2

raised and discussed issues relevant 

to the policies and programs 

established under TARP. 

Referring to prepared 

materials, Treasury officials provided 

a report on recent developments in the 

TARP program. As of August 31, 

2020, Treasury had disbursed a total 

of $442.52 billion, including 

approximately $411.72 billion under 

TARP investment programs and 

approximately $30.8 billion under 

TARP housing-related programs to 

assist at-risk homeowners. Total 

receipts on all TARP investment 

programs were approximately 

$443 billion. 

Treasury officials provided the 

Representatives with a status update 

on TARP investment programs, 

beginning with CPP. As of 

September 23, the CPP portfolio stood 

at 2 institutions, with a total 

outstanding invested amount of 

$17.4 million. 

 

Treasury officials next 

reported on the status of the CDCI 

program. As of September 23, the 

CDCI portfolio stood at 2 institutions, 

with a total outstanding invested 

amount of roughly $1 million. 

Treasury officials then 

reported on MHA. As outlined in 

the Consolidated Appropriations 

Act, 2016, the MHA program 

terminated on December 31, 2016, 

and servicers were required to 

complete all MHA transactions by 

December 1, 2017. As such, there 

was no change in the number of 

homeowner assistance actions under 

MHA for August. 

Treasury officials next discussed recent 

developments in the HHF program. As of 

August 31, 2020, Housing Finance Agencies in 

the nineteen eligible jurisdictions had 

disbursed approximately $8.6 billion in 

program funds ($9.6 billion in total program 

and administrative funds), and drawn down 

$9.5 billion in total funds. During August, 

there were no program changes. 

Representatives and officials then 

engaged in a roundtable discussion related to 

the state of the current housing markets and the 

ability of the programs established under 

TARP to provide support to the housing 

market while assisting at-risk mortgage 

borrowers. As part of the discussion, FHFA 

officials provided data related to the housing 

and mortgage market conditions. 

Finally, Representatives and staff of the 

Board discussed upcoming activities of the 

Board. 

The meeting was adjourned at 

approximately 2:32 p.m. EDT. 

 (signed electronically) 

Mr. Gonzalez, 

General Counsel and Secretary