S.Amdt. 1009

1. Adds SEC. __. ENHANCED REPORTING ON USE OF TARP FUNDS wherever appropriate

   Adds a section

   Inserted: SEC. __. ENHANCED REPORTING ON USE OF TARP FUNDS.

   Inserted: Section 105 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5215(a)) is amended--

   Inserted: (1) in subsection (a)--

   Inserted: (A) in paragraph (2), by striking "and" at the end;

   Inserted: (B) in paragraph (3), by striking the period at the end and inserting "; and"; and

   Inserted: (C) by adding at the end the following:

   Inserted: "(4) a detailed report on the use of capital investments by each financial institution, including--

   Inserted: "(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--

   Inserted: "(i) the original intended use of the TARP funds;

   Inserted: "(ii) whether the TARP funds are segregated from other institutional funds;

   Inserted: "(iii) the actual use of the TARP funds to date;

   Inserted: "(iv) the amount of TARP funds retained for the purpose of recapitalization; and

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   Inserted: "(v) the expected use of the remainder of the TARP funds;

   Inserted: "(B) information compiled by the Secretary under subsection (b); and

   Inserted: "(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.";

   Inserted: (2) by redesignating subsections (b) through (e) as subsections (c) through (f), respectively; and

   Inserted: (3) by inserting after subsection (a) the following:

   Inserted: "(b) Information Provided by Financial Institutions.--

   Inserted: "(1) In general.--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.

   Inserted: "(2) Information required.--Information required by this paragraph is--

   Inserted: "(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--

   Inserted: "(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;

   Inserted: "(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;

   Inserted: "(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

   Inserted: "(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

   Inserted: "(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).

   Inserted: "(3) Certification required.--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).".

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

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As printed