Credit Unions Beware: TARP Watchdog Is Ready To Pounce

Law360, New York (June 20, 2014, 10:12 AM EDT) -- Credit unions participating in the Troubled Asset Relief Program are now a major blip on the radar screen of the TARP watchdog, the Special Inspector General for TARP (SIGTARP).

TARP, often referred to as the "bank bailout," is most remembered for investing more than $200 billion of taxpayer money in banks through its Capital Purchase Program (CPP). Less remembered is the Community Development Capital Initiative (CDCI), which provided TARP funds to numerous credit unions and small banks.

With the CPP quickly winding down — banks have repaid over 96 percent of CPP funds, according to the Treasury — SIGTARP has turned...

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