Tarp | featured news

A majority of Republicans in the U.S. Senate on Friday called on the Obama administration to let the authority to tap a $700 billion financial bailout fund expire at the end of the year as scheduled.

With the wiring of nearly $10 billion to the Treasury, U.S. Bancorp and BB&T became the first large financial institutions to announce that they have repaid the government in full.

U.S. officials on Tuesday gave 10 of the nation's biggest banks approval to pay back a combined $68 billion of taxpayer money pumped into them to combat the credit crisis.

Administration could announce as soon as Monday that repayment can begin, but some officials warn that other types of support belie show of progress.

Citigroup will lend up to $5 billion in TARP funds in a municipal program to help finance construction of schools, airports, hospitals and other infrastructure products.

Capital One Financial joined U.S. Bancorp and BB&T, saying it would offer common shares as it looks to raise cash and pay back its TARP funds.

Banks that want to pay back their federal bailout funds and free themselves from government restrictions on compensation and dividends will have to sever their ties to another financial assistance program.

The U.S. Treasury estimates that there is about $134.5 billion left in its financial-rescue fund, which would mean that about 81% of the $700 billion program has been committed.

The bank holding company wants to return funds to taxpayers, but it will not do so before the stress test.

The U.S. Treasury Department on Thursday pledged to provide up to $5 billion in financing support to auto suppliers to help them survive a massive downturn in car sales.