Department of the Treasury 

Office of Financial Stability 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2021 
OFS - 2

Table of Contents

Section I – Budget Request........................................................................................................... 3

A – Mission Statement ................................................................................................................ 3

1.1 - Program Account Summary ............................................................................................... 3

1.3 – Program Disbursement, Repayments, and Cost/Savings ................................................... 4

B – Vision, Priorities and Context .............................................................................................. 4

1.4 – Budget Adjustments Table ................................................................................................. 6

D – Budget Increases and Decreases Description ....................................................................... 7

1.5 – Operating Levels Table ...................................................................................................... 8

E – Appropriations Language and Explanation of Changes ....................................................... 8

F – Legislative Proposals ............................................................................................................ 8

Section II – Annual Performance Plan and Report ................................................................. 10

A – Strategic Alignment ........................................................................................................... 10

B – Budget and Performance by Budget Activity .................................................................... 11

Operational Goals ..................................................................................................................... 12

C – Changes in Performance Measures .................................................................................... 13

Section III – Additional Information ........................................................................................ 13

A – Summary of Capital Investments ....................................................................................... 13

 
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Section I – Budget Request 

A – Mission Statement 

A central part of the response to the 2008 financial crisis was the implementation of the Troubled 

Asset Relief Program (TARP), which was established in the fall of 2008 under the Emergency 

Economic Stabilization Act of 2008 (EESA) (P.L. 110-343) within the Office of Domestic 

Finance at the U.S. Department of the Treasury (Treasury). TARP was created to restore the 

liquidity and stability of the financial system, and it is administered by the Office of Financial 

Stability (OFS). 

Since late 2010, OFS has made significant progress in winding down TARP investment 

programs and in recovering OFS’s outstanding investments. OFS continues to operate a housing 

program under TARP to help struggling families avoid foreclosure, but in 2016 began to winddown the largest TARP housing program. As of November 30, 2019, OFS has recovered more 

than 96 percent of the $442.0 billion in total program funds disbursed under TARP, as well as an 

additional $17.6 billion from Treasury’s equity in AIG. When all of Treasury’s AIG investments 

are included, the amount recovered is greater than the funds disbursed by nearly $0.7 billion. 

1.1 - Program Account Summary 

Dollars in Thousands 

 FY 2019 FY 2020 FY 2021 FY 2020 to FY 2021 

 Actual Estimated Estimated Change % Change 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Obligations 

Equity Program Account 1,073 6,671 0 (6,671) -100.00% 

Housing Program Account 0 0 0 0 NA 

TARP Direct Program Account 0 0 0 0 NA 

TARP Administrative Account 57,743 47,240 42,154 (5,086) -10.77% 

TARP Negative Downward Reestimate Receipt 

Account (26,982) (74,433) 0 74,333 -100.00% 

Total Obligations $31,834 ($20,423) $42,154 $62,576 -306.40% 

Budget Authority 

Equity Program Account 1,073 6,671 0 (6,671) -100.00% 

Housing Program Account 0 0 0 0 NA 

TARP Direct Program Account 0 0 0 0 NA 

TARP Administrative Account 61,796 51,399 42,154 (9,246) -17.99% 

TARP Negative Downward Reestimate Receipt 

Account (26,982) (74,433) 0 74,333 -100.00% 

Total Budget Authority $35,887 ($16,263) $42,154 $58,416 -359.20% 

Outlays 

Equity Program Account 1,073 6,671 0 (6,671) -100.00% 

Housing Program Account 1,451,982 920,236 646,002 (274,233) -29.80% 

TARP Direct Program Account 0 0 0 0 NA 

TARP Administrative Account 54,524 83,479 44,003 (9,476) -17.72% 

TARP Negative Downward Reestimate Receipt 

Account (26,982) (74,333) 0 74,333 -100.00% 

Total Outlays $1,480,597 $906,052 $690,005 ($216,047) -23.84% 

Total Full-time Equivalents (FTE) 22 16 14 -2 -12.50% 
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1.2 – Financing Account Summary

Dollars in Thousands 

 FY 2019 FY 2020 FY 2021 FY 2020 to FY 2021 

 Actual Estimated Estimated Change % Change 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

TARP Direct Loans 

Obligations 13,131 73,222 0 (73,222) -100.00% 

Collections 13,131 73,222 0 (73,222) -100.00% 

Financing Authority (net) 0 0 0 0 NA 

Financing Disbursements (net) (60,091) 73,222 0 (73,222) -100.00% 

Equity Purchases 

Obligations 14,256 1,411 379 (1,032) -73.17% 

Collections 26,826 19,703 6,536 (13,167) -66.83% 

Financing Authority (net) (9,700) (19,603) (6,157) 13,445 -68.59% 

Financing Disbursements (net) (12,570) (18,292) (6,157) 12,134 -66.34% 

Housing 

Obligations 1,367 2,108 160 (1,948) -92.39% 

Collections 28 16 4 (13) -77.25% 

Financing Authority (net) 0 0 0 0 NA 

Financing Disbursements (net) 1,339 2,092 157 (1,935) -92.51% 

1.3 – Program Disbursement, Repayments, and Cost/Savings 

Dollars in Billions 

 

Cumulative 

Obligated 

(as of 

11/30/2019) 

Cumulative 

Disbursed 

(as of 

11/30/2019) 

Cumulative 

Outstanding 

(as of 

11/30/2019) 

Total 

Cumulative 

Income 

(as of 

11/30/2019) 

Total Cash 

Back (as of 

11/30/2019) 

Total 

Estimated 

Life Costs 

(as of 

11/30/2019) 

Bank Support Programs 250.5 245.1 0.0 35.7 275.6 (24.3) 

Credit Market Programs 19.1 19.1 0.0 4.5 23.6 (3.3) 

AIG Investment Program (AIG) 67.8 67.8 0.0 1.0 55.3 15.2 

Automotive Industry Financing 

Program 79.7 79.7 0.0 7.4 70.6 12.1 

Treasury Housing Programs 33.1 30.3 0.0 32.2 

Total 450.2 442.0 0.0 48.6 425.1 31.9 

Additional AIG Common Shares 

Held by Treasury 0.0 0.0 0.0 17.6 17.6 (17.6) 

Total for Programs and Shares 450.2 442.0 0.0 66.2 442.7 14.3 

*If all Treasury AIG Investments are combined, we currently estimate a net gain of nearly $2.4

billion on those shares.

B – Vision, Priorities and Context 

TARP was created by EESA in October 2008 as part of a broad-based federal response to the 

financial crisis. The purposes of EESA were — 

(1) to immediately provide authority and facilities that the Secretary of the Treasury could use to 

restore liquidity and stability to the financial system of the United States; and 

(2) to ensure that such authority and facilities were provided in a manner that would — 

(A) protect home values, college funds, retirement accounts, and life savings; 

(B) preserve homeownership and promote jobs and economic growth; 

(C) maximize overall returns to the taxpayers of the United States; and 

(D) provide public accountability for the exercise of such authority. 
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EESA vested authority in the Secretary of the Treasury to “purchase, and to make and fund 

commitments to purchase, troubled assets from any financial institution, on such terms and 

conditions as are determined by the Secretary.” This program supports the Department’s goal of 

financial stewardship. 

As a result of improved financial conditions and careful stewardship of the program, the ultimate 

cost to taxpayers of TARP investments is estimated to be significantly lower than initially 

expected. In Fiscal Year (FY) 2009, the program was projected to cost $341 billion, but as of 

November 30, 2019, it is estimated to cost only $31.9 billion (of which -$0.3 billion relates to 

investments and $32.2 billion relates to housing programs that do not require repayments by 

recipients). Lifetime costs are projected to be $14.3 billion with the inclusion of receipts from 

Treasury’s sale of additional AIG common stock. 

During FY 2020 and FY 2021, OFS’s priority is to continue the responsible wind-down of all 

TARP programs. 

OFS Administrative Expenses 

The authority for OFS’s administrative funding is provided in section 118 of EESA. In 

FY 2020, OFS plans to obligate just over $47 million and use no more than 16 Full-Time 

Equivalent (FTE) employees. In FY 2021, OFS plans to obligate just over $42 million and use 

no more than 14 FTE employees, a reduction of over 10 percent and 12 percent, respectively, 

from the current FY 2020 estimates, to fund the management, maintenance, and continued winddown of the TARP housing programs and the disposition of OFS’s remaining investments. 

C - Credit Reform Account Description 

Section 123 of EESA requires the cost of TARP programs to be calculated using the methods 

required by the Federal Credit Reform Act of 1990 (“credit reform”). In addition to the OFS 

Administrative Account, the organization manages six accounts to comply with the credit reform 

accounting requirements: (1) the TARP Equity Purchase Program Account; (2) the TARP 

Equity Purchase Financing Account (EPFA); (3) the TARP Housing Programs Account; (4) the 

TARP Housing Programs, Letter of Credit (LOC) Financing Account; (5) the TARP Program 

Account; and (6) the TARP Direct Loan Financing Account (DLFA). 

Account Descriptions 

TARP Equity Purchase Program Account: The TARP Equity Purchase Program Account 

records the subsidy costs (cost to the government) associated with federal equity injections into 

qualifying financial institutions. Subsidy costs are calculated on a net present value basis. 

TARP Equity Purchase Financing Account (EPFA): The TARP EPFA is a non-budgetary 

account that records all financial transactions to and from the government resulting from equity 

purchases. The EPFA primarily tracks each cohort year’s purchase activity (dividend payments, 

the exercise of warrants, Treasury borrowings, interest paid to or received from Treasury, etc.) 

and is not included in the budget totals when calculating total government spending. 

TARP Housing Programs Account: The TARP Housing Programs Account records the subsidy 

costs and cash outlays associated with Treasury’s TARP housing programs. The Making Home 

Affordable (MHA) and Hardest Hit Fund (HHF) programs are recorded on a cash basis, and the 
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Federal Housing Administration (FHA) Short-Refinance Program is subject to credit reform 

accounting requirements, whereby its subsidy cost is calculated on a net present value basis. 

TARP Housing Programs, LOC Financing Account: The TARP Housing Programs, LOC 

Financing Account is a non-budgetary account that records all financial transactions to and from 

the government resulting from OFS’s FHA Short-Refinance Program. Like other financing 

accounts, its primary purpose is the financial tracking of each cohort year’s loan activity. It is 

not included in the budget totals. 

TARP Program Account: The TARP Program Account records the subsidy costs associated with 

direct loans obligated to qualifying institutions. Subsidy costs are calculated on a net present 

value basis. 

TARP DLFA: The TARP DLFA is a non-budgetary account that records all financial 

transactions to and from the government resulting from direct loans. Like EPFA, its primary 

purpose is the financial tracking of each cohort year’s loan activity. It is not included in the 

budget totals. 

OFS Administrative Account: This account provides for the administrative costs of OFS. 

1.4 – Budget Adjustments Table 

Dollars in Thousands 

 FTE Amount 

FY 2020 Estimated 16 $47,240 

Changes to Base: 

Maintaining Current Levels (MCLs): - $962 

Pay Raise (1.0% average pay raise) - $24 

Pay Annualization (FY 2020 3.1% average pay raise) - $24 

FERS Contribution Increase - $32 

Non-Pay - $882 

Subtotal Changes to Base 0 $962 

FY 2021 Current Services 16 $48,202 

Program Changes: 

Program Decreases: (2) ($6,048) 

Housing Program Support 0 ($2,350) 

Maintenance and Disposition of Assets 0 ($232) 

OFS Salaries and Benefits (2) ($660) 

Organizational Support 0 ($2,805) 

FY 2021 Estimated 14 $42,154 
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D – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) ......................................................... +$962,000 / +0 FTE

Pay-Raise (1.0% in FY 2021)+$24,000 / +0 FTE 

Funds are required for a 1.0% average pay raise in January 2021. 

Pay Annualization (3.1%)+$24,000 / +0 FTE 

Funds are required for annualization of the January 2020 pay raise. 

FERS Contribution Increase +$32,000 / +0 FTE 

Funds are requested for the Federal Employee Retirement System (FERS) contribution rates 

effective FY 2021. 

Non-Pay +$882,000 / +0 FTE 

Funds are required for non-labor costs such as travel, contracts, rent, supplies, and equipment. 

Program Decreases ..................................................................................... -$6,048,000 / -2 FTE 

Housing Program Support -$2,350,000 / +0 FTE 

Administrative and compliance functions will continue to wind down during FY 2020 and over 

time as programs close, no new assistance actions are provided, and commitments are paid. 

Maintenance and Disposition of Assets -$232,000 / +0 FTE 

During FY 2020, OFS will continue the disposition of its position in the remaining Capital 

Purchase Program (CPP) and Community Development Capital Initiative (CDCI) institutions. In 

FY 2021, OFS expects its portfolio to be composed of a few institutions, primarily CDCI 

institutions. 

OFS Salaries and Benefits -$660,000 / -2 FTE 

Savings resulted from natural attrition and expiration of term appointments due to the winddown of various TARP programs. 

Organizational Support -$2,805,000/ +0 FTE 

Administrative costs associated with managing OFS’s portfolio will decline over time as TARP 

winds down. However, many duties and responsibilities will remain and are not directly 

correlated to the volume of assets held by OFS. Many of these organizational support functions 

will be run in-house and relate to legislative and oversight-mandated reporting functions, as well 

as the management and maintenance of TARP’s housing programs. 
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1.5 – Operating Levels Table

Dollars in Thousands

 FY 2019 FY 2020 FY 2021 

Object Classification 

Actual 

Obligations 

Estimated 

Obligations 

Estimated 

Obligations 

11.1 - Full-time permanent 2,941 2,485 1,975 

11.5 - Other personnel compensation 70 66 50 

11.9 - Personnel Compensation (Total) 3,012 2,551 2,025 

12.0 - Personnel benefits 860 592 538 

Total Personnel and Compensation Benefits $3,871 $3,143 $2,562 

21.0 - Travel and transportation of persons 24 24 21 

23.0 - Rent, Communications and Utilities 1 1 1 

25.1 - Advisory and assistance services 9,241 6,551 4,644 

25.2 - Other services 34,504 31,170 29,681 

25.3 - Other purchases of goods & serv frm Govt accounts 10,100 6,339 5,233 

26.0 - Supplies and materials 2 4 4 

31.0 - Equipment 0 8 8 

Total Non-Personnel $53,872 $44,097 $39,591 

Total Obligations $57,743 $47,240 $42,154 

 

Full-time Equivalents (FTE) 22 16 14 

Table includes direct FTEs. 

Totals may not foot due to rounding 

E – Appropriations Language and Explanation of Changes 

OFS does not receive discretionary appropriations from Congress. Therefore, no appropriations 

language is proposed.

F – Legislative Proposals 

Treasury is seeking certain legislative changes related to OFS and TARP to reduce the frequency 

and necessity of several statutory reporting requirements that were established when TARP was 

created. OFS continues to wind-down operations and is focused on reducing costs by 

eliminating duplicative internal operations and increasing its reliance on shared services 

provided by Departmental Offices (DO) and Fiscal Services. As OFS continues to wind-down, it 

will become increasingly more efficient to be audited as part of the Treasury-wide financial 

statement audit under Treasury’s Office of the Inspector General (OIG). OFS, like several other 

Treasury Offices, is substantially cross-serviced by other organizations within Treasury, 

including the Bureau of the Fiscal Service, the Departmental Offices (DO) Office of Budget and 

Travel, and the Office of the Deputy CFO. The offices that provide services to OFS are all under 

the purview of the Treasury–wide financial statement audit. As an example, GAO spends a 

significant amount of resources and time testing OFS’s administrative contracts with DO that are 

audited by Treasury’s OIG. Additionally, GAO spends significant time testing the OFS financial 

reporting process, which is also under scope of the Treasury-wide financial statement audit. OFS 

estimates that enacting the following legislative proposals would result in $2-4 million in annual 

savings in contracting costs and GAO reimbursements, and would reduce OFS’s workload by 
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two FTEs. The remaining statutory requirements will continue to provide sufficient transparency 

during the wind-down of TARP. 

Repeal OFS’s Annual Stand-alone Financial Statements and Audit, performed by GAO: Repeal 

OFS’s stand-alone financial statements and the stand-alone financial statements audit performed 

by GAO (12 USC 5226(b) and (c) 2). Treasury’s OIG will audit the financial operations and 

internal controls of OFS as part of the Treasury-wide audit. OFS would be subject to the same 

audit rigor as DO. This update would be a more efficient use of taxpayer funds and more 

accurately reflect current materiality and activity of OFS. Additionally, move the following 

authorities in EESA related to OFS oversight (5226, 5227, and 5233) under the purview of 

Treasury’s OIG. 

Sunset the Financial Stability Oversight Board (FinSOB): This interagency group meets 

monthly and reports quarterly. The group reviews OFS’s program formulation and monitors 

program performance. The need for the board’s oversight and reporting has diminished given 

that no new OFS programs are being implemented, all major investments have been disposed, 

and the housing programs are winding down. 

Change the frequency of the Section 105(a) report (“Congressional Monthly”): This 

performance report remains generally static from month-to-month. With most programs having 

closed, less frequent (quarterly) reporting is warranted. 

Eliminate the Administrative Activity Report (“Obligation Report”): This quarterly report 

provides data on administrative obligations object type and is required under the annual Treasury 

appropriations bill. OFS has been prudent in the use of administrative funds and has been 

reducing obligations by approximately 20 percent per year over the last five years. 
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Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

OFS’s continued wind-down efforts align with Treasury’s strategic goal of transforming 

government-wide financial stewardship. 

Bank Support Programs 

CPP: OFS created CPP, its largest program, in October 2008. OFS provided a total of $204.9 

billion in capital to 707 institutions in 48 states. During FY 2019, OFS continued to wind down 

remaining CPP investments. As of November 30, 2019, CPP has generated $226.8 billion in 

recoveries for taxpayers with two institutions remaining in the program, for a total of $17 million 

in investments outstanding. 

CDCI: OFS created CDCI on February 3, 2010, to provide investments of capital to certified 

Community Development Financial Institutions (CDFI) banks, thrifts, and credit unions. OFS 

invested $570 million in 84 CDFIs, of which 28 institutions converted $363 million (including 

warrants) from CPP to CDCI. As of November 30, 2019, CDCI has generated $587 million in 

recoveries for taxpayers with four institutions remaining in the program, for a total of $22 

million in investments outstanding. 

Housing Programs 

OFS established several TARP housing programs, assisting millions of homeowners and 

introducing reforms for the mortgage servicing industry to facilitate mortgage modifications. 

MHA: In 2009, OFS launched MHA to help homeowners prevent avoidable foreclosures and 

strengthen the housing market. The cornerstone of MHA is the Home Affordable Modification 

Program (HAMP), which provides eligible homeowners the opportunity to reduce their monthly 

mortgage payments. In accordance with provisions of the Act, MHA terminated on December 

31, 2016, except with respect to certain applications made before such date. MHA servicers 

were required to design policies and procedures to reasonably ensure that all MHA transactions 

were completed by December 1, 2017. As of November 30, 2019, OFS had disbursed $20.8 

billion out of a possible $23.5 billion under MHA. 

HHF: Established in 2010 to provide aid to homeowners in states hit hardest by the economic 

and housing market downturn. The $7.6 billion initiative encompassed 18 states and the District 

of Columbia (D.C.). In December 2015, the Consolidated Appropriations Act, 2016 (the Act) 

granted Treasury authority to make an additional $2.0 billion in commitments through the HHF. 

As of November 30, 2019, OFS had disbursed $9.4 billion out of a possible $9.6 billion under 

HHF. 

FHA Short Refinance Program: OFS continues to support the FHA Short Refinance Program, 

which was intended to assist borrowers with negative equity. The program has seen limited 

participation. As such, OFS has incrementally reduced the LOC Facility supporting this program 

from an initial $8.0 billion to $27 million in FY 2017, which matches OFS’s maximum liability 

for loans covered by the program as of December 31, 2016, when the program ended for new 
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refinances. As of November 30, 2018, the revised lifetime cost estimate for the program was 

$14 million for outstanding refinanced loans. 

Other Programs 

Automotive Industry Financing Program (AIFP): OFS fully wound down AIFP during FY 2015, 

selling its remaining stake in Ally Financial. OFS disbursed $79.7 billion in loans and equity 

investments to the automotive industry through the AIFP. As of November 30, 2019, OFS had 

collected $70.6 billion through sales, repayments, dividends, interest, recoveries, and other 

income. Recoveries from the bankruptcy liquidation of Old Chrysler and Old GM remain 

possible. 

All other TARP programs closed prior to FY 2016, including the Targeted Investment Program, 

Asset Guarantee Program, Public-Private Investment Program, Term Asset-Backed Securities 

Loan Facility, Small Business Administration 7(a) Securities Purchase Program, and American 

International Group, Inc. Investment Program. 

B – Budget and Performance by Budget Activity 

Performance Measure FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2019 FY 2020 FY 2021 

Actual Actual Actual Actual Target Actual Target Target 

Clean Audit Opinion on TARP 

Financial Statements (ensure 

transparency of operations to the 

public)

1 1 1 1 1 1 1 1 

Percentage of Congressional 

Constituent Correspondence 

Responses Completed within 10 

Business Days of Receipt

50 66.75 87.5 100 100 94 100 100 

Percentage of Customers Satisfied 

with FinancialStability.gov (Self 

Selected Respondents) (ensure 

transparency of operations to the 

public)

66.5 73 69.25 69.25 75 73 DISC DISC 

Percentage of FOIA Assignments 

On-Time or Less Than 30-Days 

Overdue (ensure transparency 

within the government)

13.03 56.56 85 85 95 98 95 95 

Percentage of SIGTARP and GAO 

Oversight Recommendations 

Responded to On-Time (ensure 

transparency of operations to the 

public)

100 100 100 100 100 100 100 100 

Percentage of Statutorily-Mandated 

Reports Submitted On-Time (ensure 

transparency of operations to the 

public)

100 94.7 96.25 100 100 100 100 100 

The authority for OFS’s administrative funding is provided in section 118 of EESA. The 

administrative budget consists primarily of contracting and financial agent support costs 

associated with OFS’s ongoing implementation and management of the TARP housing programs 
OFS - 12

and the management and disposition of OFS’s remaining investments. In addition, continuing 

organizational support, including information technology, facilities, legal, compliance, 

accounting, and human resources, will be needed to manage and wind down these ongoing 

initiatives. OFS’s senior management is responsible for performance on its operational goals. 

Operational Goals 

OFS’s strategic goal is to transform government-wide financial stewardship, and the request will 

support the underlying operational goals to help OFS achieve this strategic goal. These 

operational goals include: 

 

1. Completing the wind-down of remaining TARP investment programs; 

2. Continuing to help struggling homeowners avoid foreclosure; 

3. Minimizing the cost of the TARP programs to the taxpayer; and 

4. Operating with the highest standards of transparency, accountability, and integrity. 

Completing the wind-down of remaining TARP investment programs 

The first Operational Goal is to complete the wind-down of the remaining TARP investment 

programs, the CPP and CDCI. OFS continues to exit CPP and CDCI by either: (i) allowing 

banks that are able to repurchase in full in the near future to do so; or (ii) restructuring and 

selling OFS’s investments in limited cases. OFS continues to work with CPP institutions to 

restructure certain investments that will allow them to exit TARP. As of November 30, 2019, 

OFS had $17 million in outstanding CPP investments and $22 million in outstanding CDCI 

investments. 

Continuing to help struggling homeowners avoid foreclosure 

OFS’s second Operational Goal is to continue helping struggling homeowners avoid foreclosure. 

The Act, signed into law on December 18, 2015, 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 transactions, including first and second lien permanent modifications, 

short sales or deeds-in-lieu of foreclosure, and unemployment forbearance plans, were required 

to be completed per program guidelines by December 1, 2017. Under this program, as of 

November 30, 2019, more than 1.7 million homeowners have secured permanent mortgage 

modifications. In addition, the HHF Program provides funding to 18 states and D.C. to assist 

struggling homeowners. As of November 30, 2019, HHF has disbursed approximately 

$8.5 billion in program funds ($9.4 billion in total program and administrative funds), and HFAs 

have drawn approximately $9.4 billion to prevent avoidable foreclosures and help stabilize 

neighborhoods. Based on information provided by the HFAs, eight states are projected to fully 

close in FY 2020, go through a final compliance review, and return any unused funds to 

Treasury, including two of the largest HFAs in the program. 

Minimizing the cost of the TARP programs to the taxpayer 

The third Operational Goal of OFS is to minimize the cost of the TARP programs to the 

taxpayer. OFS pursues this goal by carefully managing the timely exit of these investments to 

reduce taxpayers’ exposure, returning TARP funds to reduce the federal debt, and continuing to 
OFS - 13

replace government assistance with private capital in the financial system. OFS also takes steps 

to confirm that TARP recipients comply with any TARP-related statutory or contractual 

obligations such as executive compensation requirements and restrictions on dividend payments. 

Operating with the highest standards of transparency, accountability, and integrity 

OFS’s final Operational Goal is to continue to operate with the highest standards of 

transparency, accountability, and integrity. OFS posts a variety of reports online that provide 

taxpayers with regular and comprehensive information about how TARP funds are spent, who 

received them and on what terms, and how much has been recovered to date. OFS also publishes 

the annual audited Agency Financial Report and continues to maintain productive working 

relationships with the three oversight bodies charged with auditing and reviewing TARP 

activities. 

C – Changes in Performance Measures 

Performance Measure or Indicator Proposed Change and Justification 

1. Percentage of Customers Satisfied with 

FinancialStability.gov (Self Selected 

Respondents) (ensure transparency of 

operations to the public) 

Discontinue. No longer a meaningful 

performance measure, nor is it cost-effective. 

Additionally, with efforts to streamline content 

and operations and other wind-down efforts, 

OFS’ website no longer serves the same 

purpose it once did. 

Section III – Additional Information 

A – Summary of Capital Investments 

OFS uses DO’s system and is part of DO’s capital investment strategy. 

A summary of capital investments, including major information technology and non-technology 

investments, can be accessed at: 

https://home.treasury.gov/about/budget-financial-reporting-planning-and-performance/budgetrequestannual-performance-plan-and-reports. This website also contains a digital copy of this 

document.