FINANCIAL STABILITY OVERSIGHT BOARD

QUARTERLY REPORT TO CONGRESS

For the quarter ending 

March 31, 2022

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

Janet Yellen

Secretary

Department of the Treasury

Gary Gensler

Chairman

Securities and Exchange Commission

Marcia Fudge

Secretary

Department of Housing and

Urban Development

Sandra Thompson

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 January 1 to March 31, 2022 (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 January

20, February 17, and March 17, 2022. 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. Joshua Frost, 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; Ms.

Amanda Fischer, Senior Counselor, Securities and Exchange Commission; and Mr. Daniel 

Coates, Deputy Director, Federal Housing Finance Agency.

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

https://home.treasury.gov/data/troubled-assets-relief-program/about-tarp/minutesreports.
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 September 30, 2021 (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 $32.43 billion. 

The expected cost for the investment programs is -$0.34 billion, broken down as follows:

• Bank Support Programs – expected return of $24.24 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 $32.09 billion. Using the same 

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

interests in AIG will be approximately $14.53 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 

September 30, 2021 (figure 1).
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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Figure 1
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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Notes:
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 January 1 to March 31, 2022, 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 October 2021 through December 2021.

6

 A 

Performance Summary for HHF will also be released covering the first quarter of 2022.

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: https://home.treasury.gov/data/troubledassets-relief-program/reports/hhf

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 March 31, 2022, Treasury had disbursed $21.98 billion in incentive payments for 

MHA, $0.09 billion of which was disbursed during the first quarter of 2022.

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 December 31, 2021.

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 March 31, 2022, 18 states and the District of Columbia had operated HHF programs 

throughout their respective jurisdictions, and collectively have drawn approximately $9.50 billion 

(approximately 99.0 percent) of the $9.60 billion allocated under the program (figure 2). Sixteen

states and the District of Columbia (Alabama, Arizona, California, District of Columbia, Florida, 

Georgia, Illinois, Indiana, Kentucky, Mississippi, Nevada, New Jersey, North Carolina, Ohio, 

Oregon, Rhode Island, and South Carolina) have closed and completed their final repayments to 

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

jurisdictions had 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 March 31, 2022, HHF has disbursed funds on behalf of 91 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: re

https://home.treasury.gov/data/troubled-assets-relief-program/reports/tarp-housing-transactionports, 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: https://home.treasury.gov/data/troubled-assets-relief-program/reports/making-homeaffordable-program-performance-report
FINANCIAL STABILITY OVERSIGHT BOARD QUARTERLY REPORT

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Figure 2

Hardest Hit Fund as of March 31 2022
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b. Capital and Guarantee Programs for Financial Institutions

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

As of March 31, 2022, one institution remained in the CPP program with total outstanding 

CPP obligations of $12.1 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 March 31, 2022 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”)

As of March 31, 2022, 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 collectible

$ 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