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The mission of the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) is to prevent and detect fraud, waste, and abuse in the more than $442 billion appropriated by Congress through the Emergency Economic Stabilization Act (EESA) and $2 billion appropriated through the Consolidated Appropriations Act of 2016, and to promote economy, efficiency, effectiveness, and accountability in these economic stability programs. SIGTARP conducts investigations of suspected illegal activity, and also independently audits, these EESA long-term economic stability programs.

EESA has two parts:

(1) Short-term Treasury purchases of "troubled assets," which led to investments in banks, insurance companies and automotive companies. (This part has been largely completed, as has SIGTARP's work in this area); and

(2) Long-term programs intended to bring economic stability to the financial industry and communities by protecting home values and preserving homeownership - programs that spent $1.8 billion in fiscal year 2019, and will continue to operate until at least 2024.

Under these long-term economic stability programs, the Department of Treasury and Fannie Mae (with assistance from Freddie Mac) run a program that funds incentives to more than 150 financial institutions, including some of the largest in our nation, to lower mortgage payments to terms that are affordable and sustainable for homeowners at risk of foreclosure. Treasury also funds grant-like programs administered by housing finance agencies in 19 states, including providing foreclosure relief to homeowners unemployed or underemployed due to the COVID-19 pandemic.

Semiannual Report to Congress Issued

Features of the October 1 - March 31, 2023 Semiannual Report include:

A letter from the Acting Special Inspector General on the Emergency Economic Stability Act.
An overview of SIGTARP's oversight of Making Home Affordable, including the Home Affordable Modification Program.
An overview of SIGTARP's oversight of banks and securities trading in TARP investment programs.
An overview of SIGTARP's oversight of the Hardest Hit Fund.

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Bank CEO Sentenced To 14 Months In Prison For Taking Bribes In Connection With Loans Guaranteed By The Small Business Administration

The United States Attorney for the Southern District of New York, sentenced defendant EDWARD SHIN, a/k/a “Eungsoo Shin,” to 14 months in prison for his role in defrauding a Pennsylvania-based bank (the “Bank”) while serving as its CEO. Edward Shin was entrusted with stewardship of a Pennyslvania-based bank. Instead of promoting and protecting the bank’s interests, Shin used the bank as his own piggy bank, stealing from it to line his pockets and the pockets of his corrupt friends. In addition to the prison terms, SHIN was sentenced to three years of supervised release and ordered to pay forfeiture in the amount of $5,506,050 and a $600 special assessment fee.

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Countering the Ongoing and Evolving Threat of Financial Institution Fraud

The 2008 financial crisis laid bare one of nation's vulnerabilities: financial institution fraud. As recent scandals show, this type of fraud does not go away: it evolves and grows more harmful over time - weakening our financial institutions from the inside. To fix this problem, Special Inspector General Goldsmith Romero proposes the creation of a permanent law enforcement office with a narrow mandate to investigate financial institution fraud.

Bringing Accountability to the Insulated CEO

Executives from medium and small banks have been successfully prosecuted and sentenced to prison for committing crimes. But not big bank executives, who are purposely insulated from knowing about wrongdoing. Special Inspector General Goldsmith Romero proposes a crime and fraud certification to help fix that problem.

Goldsmith Romero Interview

Special Inspector General Goldsmith Romero speaks with CNBC about the proposal

Banks Image

The New York Times profiles SIGTARP's success investigating medium and small banks

Semiannual Report to Congress Issued

SIGTARP Launches Financial Institution Crimes & Fines Database and Calls for Creation of a National Financial Fraud Registry

Press

Bank CEO Sentenced To 14 Months In Prison For Taking Bribes In Connection With Loans Guaranteed By The Small Business Administration

SIGTARP Investigations By the Numbers

Countering the Ongoing and Evolving Threat of Financial Institution Fraud

Bringing Accountability to the Insulated CEO