BANKS and their allies in Congress are scrambling to make up for the $50-billion bailout the nation’s largest bank, Bank of America Corp., got from the government on Monday.
The Federal Reserve, in a statement released Tuesday, said the bank is “working to ensure that it is able to fully repay its obligations and meet its obligations under its financial accountability agreement with the U.S. Government.”
The bank’s bailout is part of a broader push by the Federal Reserve to ensure the bank remains solvent while the U,S.
Treasury and the Federal Deposit Insurance Corp. review the bank’s performance.
The Fed said in the statement that “the Bank of England will continue to work with the Bank of the United States and its banking counterparties to ensure a safe and sound banking system.”
The central bank also said it will “continue to work closely with regulators to support our regulators and regulators’ work on a timely basis.”
The Treasury Department said the Federal Credit Union Administration has notified the Treasury Department of the Bank’s status.
Bank of Ameritrade said in a blog post that it expects to have the bank fully funded by early January.
The bank, which is one of the nation ‘s largest banks, said it expects that to happen “in the near future.”
While the bank and Treasury are working together to address the concerns raised by Congress, the central bank said the UBS Group AG is in negotiations with the Treasury and Congress to make an extension for the bank, but “we are not able to share more information at this time.”
The Bank of New York Mellon Corp., the nation s largest bank and the Ubs biggest shareholder, was bailed out by the government at a rate of nearly $1.5 billion in September 2016.
While Congress has expressed concerns about the banks $50.9 billion bailout, some have said that if the UBC, which had been the target of a separate government bailout in the past, can meet its loan obligations, it can remain solvent.