Update to Treasury's Capital Purchase Program

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On October 20, 2008, the Treasury provided additional details and clarifications on the Capital Purchase Program (CaPP) under the Troubled Assets Relief Program (TARP). We expect further updates prior to the November 14th CaPP application deadline.

The TARP was established by Treasury under the authority granted in the Emergency Economic Stabilization Act of 2008 (Act). For a detailed discussion of the TARP, recent action by the Federal Reserve and the FDIC, the Act?s impact and its tax implications and considerations, consult our recent News Bulletin ?TARP and the Various Federal Tent Poles: Will it be Enough??

See full update for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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