Treasury extends TARP application date

The two-week reprieve is a boon for firms that applied for bank holding status at the end of last year, extending the time for some firms to seek rescue funds.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

dept_of_treasury_seal.03.jpg

WASHINGTON (Reuters) -- The Treasury Department said Thursday it will give regulators two extra weeks to approve thrift and bank holding company applications and so effectively extend the time for some firms to seek rescue funds.

"We have given the regulators until January 15 to finish processing any holding company and thrift applications that were not completed by (December 31) for applicants wishing to participate in (the capital purchase program)," the Treasury said in a statement.

The decision means that any firms that applied for bank or thrift status in order to access rescue funds will not be disqualified because their charter was not approved in time.

At the end of the year, Chrysler Financial sought an industrial loan charter which, if approved, would expand its access to federal funds. Chrysler Chief Executive Bob Nardelli also said in December that the automaker's finance arm had applied for Troubled Asset Relief Program funds. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Tech's highest paid women Silicon Valley isn't known for its diversity, but it is home to a handful of highly paid female executives. More
9 reasons to be hopeful about women in tech These startups are working to leverage technology to level the playing field for minorities and women in tech. More
10 best states to retire in Forget Florida. Residents of these states are happy, safe, and have good health care -- all for the right price. More
Sponsors