U.S. asks banks for data on loans, securities
Those receiving TARP funds to provide more information about business and consumer loans.

 

WASHINGTON (Reuters) -- The U.S. Treasury Department has asked big banks receiving government bailout funds to provide more details about lending activity in a monthly report, a Treasury official said Tuesday.

The Treasury wrote Jan. 16 to 20 banks getting funding under the Troubled Asset Relief Program asking for more information about business and consumer loans. The government also asked for data on mortgage-backed securities and asset-backed securities purchases.

Banks receiving the letter included Citigroup (C, Fortune 500) , Bank of America (BAC, Fortune 500) , JPMorgan Chase (JPM, Fortune 500) , Wells Fargo (WFC, Fortune 500) , Goldman Sachs (GS, Fortune 500) and Morgan Stanley (MS, Fortune 500) . The letter was first reported by Bloomberg News.

"The purpose of this snapshot is to provide insight into the lending and financial intermediation activities of the largest recipients of the CPP (Capital Purchase Program)," the head of the TARP program, Neel Kashkari, wrote in a letter obtained by Reuters.

The Treasury is using up to $250 billion from the first half of a $700 billion rescue package to buy equity stakes in banks to strengthen them and restore lending to consumers and businesses.

Critics have charged that banks are not sufficiently taking advantage of the cash infusions to make loans. Kashkari said the information would help gauge the effectiveness of the program.

Citigroup and Bank of America said they planned to comply with all government reporting requirements.

The Treasury asked banks for data that covered October through December in their first submission. It is due by Jan. 31.

Part of the Obama stimulus package is a tax credit of $500 for individuals and $1,000 for couples (with some income restrictions). Tell realstories@cnnmoney.com what you will do with the money if Congress passes the measure. Your responses could be part of an upcoming story.

 

How stimulus affects you
Where the $825 billion will - and won't - show up in your life.

 

With our first glimpse into how the government wants to use $825 billion to juice the economy, it's clear that some of the money will quickly and directly affect most Americans lives, while other spending is intended to produce either longer-term, less tangible benefits or is targeted at narrow segments of the population - like the unemployed.

Although the sum is huge, the money isn't intended to turn the economy around, but to keep it from falling even further into decay.

Detractors say spending on stimulus will do little more than drive the country deeper into debt. Many Republicans are arguing for a plan heavier on tax cuts and lighter on government spending.

But supporters - including most Democrats and the president-elect - say it would ultimately cost the U.S. more - in the form of lost jobs, economic output, and lost tax revenues - to drag our feet. They want the plan enacted quickly.

Here's how some of the billions in the House stimulus bill could change your life.

This is not a complete list of the spending, and the numbers are approximate and will likely change before any bill is enacted.