Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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
Super Bowl 50 ads are studded with celebrities The 2016 Super Bowl has rolled out the red carpet for the likes of Helen Mirren, Amy Schumer, Seth Rogen, Steven Tyler and the late, great Marilyn Monroe. More
The women of marijuana These women entrepreneurs and executives are making their mark in the marijuana industry. More
Most expensive collector cars from the Scottsdale auctions These are the most expensive collector cars sold at the Scottsdale auctions. More
Sponsors