Another bank has decided to return bailout money to the Treasury Department.
Minnesota-based U.S. Bancorp announced that it is ready to repay the $6.6 billion it received last fall under the Troubled Asset Relief Program.
Chief Executive Richard Evans, in a quarterly earnings call, said that his goal was "to move this company back to independent status."
Banks that have accepting TARP money are subject to various additional regulations, including on executive compensation, and an increasing number of them are trying to return the money to avoid them.
U.S. Bancorp is among the 19 financial institutions currently undergoing stress tests by the Treasury Department. Mr. Evans, calling the tests a "proxy or the gateway to the question on TARP," said that if the results were positive, he intended to move forward and return the bailout money.
The Treasury is expected to release the results in late April or early May, though it remains unclear how much detail will be provided.
Minnesota-based U.S. Bancorp announced that it is ready to repay the $6.6 billion it received last fall under the Troubled Asset Relief Program.
Chief Executive Richard Evans, in a quarterly earnings call, said that his goal was "to move this company back to independent status."
Banks that have accepting TARP money are subject to various additional regulations, including on executive compensation, and an increasing number of them are trying to return the money to avoid them.
U.S. Bancorp is among the 19 financial institutions currently undergoing stress tests by the Treasury Department. Mr. Evans, calling the tests a "proxy or the gateway to the question on TARP," said that if the results were positive, he intended to move forward and return the bailout money.
The Treasury is expected to release the results in late April or early May, though it remains unclear how much detail will be provided.
published April 21, 2009, 0 Comments
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