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Minutes of the Financial Stability OversightBoardMeeting

July 21, 2022

A meeting of the Financial

Stability Oversight Board (the 

“Board”) was held at 3:00 p.m. EDT 

on Thursday, July 21, 2022, via video 

teleconference.

MEMBER REPRESENTATIVES

PARTICIPATING:

Mr. Lehnert, Division Director, 

Federal Reserve Board 

(Chairperson)

Mr. Frost, Assistant Secretary for 

Financial Markets, Department of 

Treasury

Ms. Fischer, Senior Counselor, 

Securities and Exchange 

Commission

Mr. Usowski, Deputy Assistant 

Secretary, Office of Economic 

Affairs, Department of Housing 

and Urban Development

AGENCY OFFICIALS

PARTICIPATING:

Mr. Dove, Director of Operations, 

Office of Financial Stability, 

Department of Treasury

Mr. Davidson, Director, Financial 

Institution Investment Programs, 

Department of Treasury

Mr. Doerner, Supervisory Economist, 

Federal Housing Finance Agency

Ms. Vanouse, Manager, Chief of 

Staff, Division of Financial 

Stability, Federal Reserve Board

Mr. Gates, Financial Analyst, Division of 

Financial Stability, Federal Reserve Board

Mr. Beirne, Senior 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, June 16, 2022. 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
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policies and programs established

under TARP.

Referring to prepared 

materials, Treasury officials provided 

a report on recent developments in the 

TARP program. As of June, 2022, 

Treasury had disbursed a 

total of $443.19 billion, including 

approximately $411.72 billion under 

TARP investment programs and 

approximately $31.4 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 20, 

one institution remains in the CPP 

portfolio, with a total outstanding 

invested amount of $12.1 million. 

Treasury officials next 

reported on the status of the CDCI 

program. As of July 20, 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 June.

Treasury officials next 

discussed recent developments in the 

HHF program. As of March 31, the 

HHF program completed and all eligible 

entities have finalized their compliance reports 

and have repaid unused funds to Treasury. As 

such, there was no change in the HHF program 

for June.

Finally, Representatives and staff of the 

Board discussed upcoming activities of the 

Board.

The meeting was adjourned at

approximately 3:15 p.m. EDT.

 

Mr. Gonzalez, 

General Counsel and Secretary