TCB Financial files notice they want to return TARP funds to the Treasury

15 Mar TCB Financial files notice they want to return TARP funds to the Treasury

Residential servicer, TCB Financial asked for permission to return to the Treasury $361.2 million infunds they received under TARP (Troubled Asset Relief Program).  Current rules allow depositories receiving TARP funds to return the money after giving the government 30 days notice.  The CEO of TCB stated that the servicer “has sufficient capital and access to capital to operate without the TARP money.”  He went on to say that taking the funds created a competitive disadvantage for the bank. 

How many banks took TARP funds that they really didn’t need?   I don’t know, but I suspect a lot.   TCB Financial – thank you for having the wherewith-all to do the right thing.  To the other banks – are you listening?

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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