Treasury taps Bank of New York Mellon as TARP's financial agent

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Treasury taps Bank of New York Mellon as TARP's financial agent Powered By Docstoc
					Treasury taps Bank of New York Mellon as TARP's financial agent
Anonymous
Mortgage Banking; Nov 2008; 69, 2; Docstoc
pg. 10




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Description: The Treasury Department announced on October 14 that it has hired New York-based Bank of New York Mellon to serve as Treasury's custodian for the implementation of the Troubled Asset Relief Program authorized under the Emergency Economic Stabilization Act. Using its financial agent selection authorities, Treasury said it hired Bank of New York Mellon from a pool of 70 submissions, of which 10 met the eligibility requirements and minimum qualifications. Treasury said it hired the Bank of New York Mellon on October 13 and the bank assumed the custodian role immediately.
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