Six credit unions that received Troubled Asset Relief Program funds under the Community Development Capital Initiative never told the Treasury Department how the taxpayer money was used, according to TARP's special inspector general.
However, one of the credit unions – a $9 million institution in New York – explained its use of the TARP funds to CU Times.
“Treasury has an important source of information about the financial stability of CDCI institutions in the TARP requirement that these institutions respond annually to a Treasury survey on the use of TARP funds,” the Special Inspector General TARP – or SIGTARP – said in an April 30 quarterly report to Congress.
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