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Minutes of the Financial Stability Oversight Board Meeting

April 21, 2022 

A meeting of the Financial 

Stability Oversight Board (the 

“Board”) was held at 3:00 p.m. EDT 

on Thursday, April 21, 2022, via 

video teleconference. 

MEMBER REPRESENTATIVES 

PARTICIPATING: 

Mr. Lehnert, Division Director, 

Federal Reserve Board 

(Chairperson) 

Mr. Smith, Deputy Assistant 

Secretary for Federal Finance, 

Department of the Treasury 

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. Dove, Director of Operations, 

Office of Financial Stability, 

Department of the Treasury 

Mr. Davidson, Director, Financial Institution 

Investment Programs, Department of the 

Treasury 

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 3:10 p.m. EDT. 

Upon commencement of the 

meeting, Representatives discussed draft 

minutes for the Board’s previous meeting, 

held on Thursday, March 17, 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 
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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. 

Referring to prepared 

materials, Treasury officials provided 

a report on recent developments in the 

TARP program. As of April 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 April 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 April 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 March. 

 Treasury officials next discussed recent 

developments in the HHF program. As of 

April 1, 2022, Housing Finance Agencies in 

the nineteen eligible jurisdictions had 

disbursed approximately $8.8 billion in 

program funds ($9.6 billion in total program 

and administrative funds), and drawn down 

$9.5 billion in total funds. As of March 31, the 

HHF program completed, and all eligible 

entities have finalized their compliance reports 

and have repaid unused funds to Treasury. 

Finally, Representatives and staff of the 

Board discussed upcoming activities of the 

Board. 

The meeting was adjourned at 

approximately 3:17 p.m. EDT. 

 (signed electronically) 

Mr. Gonzalez, 

General Counsel and Secretary