Troubled Asset Relief Program Update: Treasury Completes Major Financial Institution Commitments

Troubled Asset Relief Program Update: Treasury Completes Major Financial Institution Commitments

News
On October 26, 2008, the first nine qualifying financial institutions ("QFIs") entered into letter agreements styled "Major Financial Institution Commitments" (each a "Letter Agreement") with the Treasury Department ("UST") documenting the terms of UST's investment in these institutions pursuant to the Capital Purchase Program ("CPP") of the Troubled Asset Relief Program ("TARP") under the Emergency Economic Stabilization Act of 2008 ("EESA" or "Act"). For more on the Troubled Asset Relief Program, see our recent Email Alert.