BUSINESS BRIEFING / LENDING
TIMES STAFF AND WIRE REPORTS
The Federal Deposit Insurance Corp. is asking banks tapping the $700-billion U.S. financial rescue program to report how they are using the funds to support consumer lending and foreclosure relief.
State banks regulated by the FDIC should start monitoring spending from cash injections, liquidity support and financing guarantees received from programs including the Troubled Asset Relief Program established by the Treasury Department, FDIC and Federal Reserve, the agency said in a letter to banks.
