FINANCIAL STABILITY OVERSIGHT BOARD Page 1

Minutes of the Financial Stability OversightBoardMeeting

June 16, 2022

A meeting of the Financial

Stability Oversight Board (the 

“Board”) was held at 3:00 p.m. EDT 

on Thursday, June 16, 2022, via video 

teleconference.

MEMBER REPRESENTATIVES

PARTICIPATING:

Mr. Lehnert, Division Director, 

Federal Reserve Board 

(Chairperson)

Mr. Coates, Deputy Director, 

Division of Research & Statistics, 

Federal Housing Finance Agency

Ms. Fischer, Senior Counselor, 

Securities and Exchange 

Commission

Mr. Usowski, Deputy Assistant 

Secretary, Office of Economic 

Affairs, Department of Housing 

and Urban Development

STAFF PARTICIPATING:

Mr. Gonzalez, General Counsel and 

Secretary

AGENCY OFFICIALS

PARTICIPATING:

Mr. Smith, Deputy Assistant 

Secretary for Federal Finance, 

Department of Treasury

Mr. Davidson, Director, Financial 

Institution Investment Programs, 

Department of the Treasury

Mr. Doerner, Supervisory Economist, Federal 

Housing Finance Agency

Ms. Dwyer, Chief of Staff, 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, May 19, 2022. The 

minutes for that meeting had been circulated

and reviewed by Representatives in advance. 

Upon a motion dulymade 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 June 1, 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 June 15, 

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 June 15, 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 May.

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 May.

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 3:28 p.m. EDT.

 

Mr. Gonzalez, 

General Counsel and Secretary