The Federal Reserve Board plans to announce its first response to bankers' requests to repay Troubled Asset Relief Program funds around the week of June 8, a central bank official said Tuesday on the condition of anonymity.
Regulators plan to make monthly announcements on requests from the 19 biggest U.S. banking companies to repay the funds.
Federal officials are having discussions with several firms about the approval process, including supplementary information they would need to provide, the person said.
The timing means it may be at least three weeks before Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley get an answer to their applications to refund $45 billion of government funds. That would be the biggest reimbursement to taxpayers since the $700 billion program began in October.