30.12—Q-12: What actions are necessary for a TARP recipient to comply with section 111(d) of EESA (the excessive or luxury expenditures policy requirement)?
To comply with section 111(d) of EESA, by the
later of ninety days after the closing date of the
agreement between the TARP recipient and Treasury
or September 14, 2009, the board of directors of
the TARP recipient must adopt an excessive or
luxury expenditures policy, provide this policy to
Treasury and its primary regulatory agency, and
post the text of this policy on its Internet Web
site, if the TARP recipient maintains a company
Web site. After adoption of the policy, the TARP
recipient must maintain the policy during the
remaining TARP period (if the TARP recipient has
an obligation), or through the last day of the
TARP recipient's fiscal year including the sunset
date (if the TARP recipient has never had an
obligation). If, after adopting an excessive or
luxury expenditures policy, the board of directors
of the TARP recipient makes any material
amendments to this policy, within ninety days of
the adoption of the amended policy, the board of
directors must provide the amended policy to
Treasury and its primary regulatory agency and
post the amended policy on its Internet Web site,
if the TARP recipient maintains a company Web
site. This disclosure must continue through the
TARP period (if the TARP recipient has an
obligation), or through the last day of the TARP
recipient's fiscal year that includes the sunset
date (if the TARP recipient has never had an
obligation).