1.This Act may be cited as the
TARP Accountability Act of
2009
.
2.Enhanced
reporting on use of TARP fundsSection 105 of the Emergency Economic
Stabilization Act of 2008 (12 U.S.C. 5215(a)) is amended—
(1)in subsection
(a)—
(A)in paragraph (2),
by striking and
at the end;
(B)in paragraph (3),
by striking the period at the end and inserting ; and
;
and
(C)by adding at the
end the following:
(4)a detailed report
on the use of capital investments by each financial institution,
including—
(A)a narrative
response, in a form and on a date to be established by the Secretary,
specifically outlining, with respect to the financial institution—
(i)the original
intended use of the TARP funds;
(ii)whether the TARP
funds are segregated from other institutional funds;
(iii)the actual use
of the TARP funds to date;
(iv)the amount of
TARP funds retained for the purpose of recapitalization; and
(v)the expected use
of the remainder of the TARP funds;
(B)information
compiled by the Secretary under subsection (b); and
(C)a report, in a
form and on a date to be established by the Secretary, on the compliance by the
financial institution with the restrictions on dividends, stock repurchases,
and executive compensation under the Security Purchase Agreement and executive
compensation guidelines of the Department of
Treasury.
;
(2)by redesignating
subsections (b) through (e) as subsections (c) through (f), respectively;
and
(3)by inserting
after subsection (a) the following:
(b)Information
provided by financial institutions
(1)For purposes of the report of the Secretary required by
subsection (a)(4), financial institutions assisted under this title shall
provide to the Secretary the information required by paragraph (2), at such
times and in such manner as the Secretary shall establish.
(2)Information required by this paragraph is—
(A)for those
financial institutions receiving $1,000,000,000 or more from the Capital
Purchase Program established by the Secretary (or any successor thereto), a
monthly lending and intermediation snapshot, as of a date to be established by
the Secretary, which shall include—
(i)quantitative
information, as well as commentary, to explain changes in lending levels for
each category on consumer lending, including first mortgages, home equity lines
of credit, open end credit plans (as that term is defined in section 103 of the
Truth in Lending Act (15 U.S.C. 1602)), and other consumer lending;
(ii)quantitative
information, as well as commentary, to explain changes in lending levels for
each category on commercial lending, including commercial and industrial
(C&I) lending and real estate;
(iii)quantitative
information, as well as commentary, to explain changes in lending levels for
each category on other lending activities, including mortgage-backed
securities, asset-backed securities, and other secured lending; and
(iv)a narrative
report of the intermediation activity during the reporting period, including a
general commentary on the lending environment, loan demand, any changes in
lending standards and terms, and any other intermediation activity; and
(B)for those
financial institutions receiving less than $1,000,000,000 from the Capital
Purchase Program established by the Secretary (or any successor thereto), a
lending and intermediation snapshot, as of a date to be established by the
Secretary, but not more frequently than once every 90 days, including the
information described in clauses (i) through (iv) of subparagraph (A).
(3)The information
submitted to the Secretary under this subsection shall be signed by a duly
authorized senior executive officer of the financial institution, including a
statement certifying the accuracy of all statements, representations, and
supporting information provided, and such certifications shall be included in
the reports submitted by the Secretary under subsection
(a)(4).
.