Fed Reportedly Asks Banks for TARP Plans

NEW YORK (TheStreet) -- The Federal Reserve this month asked nine U.S. banks which were part of this year's stress tests to submit plans including a timetable to repay funds from the Troubled Asset Relief Program, Bloomberg reports, citing a person familiar with the situation.

The banks are Bank of America(BAC Quote), PNC(PNC Quote), Citigroup(C Quote), Fifth Third Bancorp(FITB Quote), GMAC, KeyCorp(KEY Quote), Regions Financial (RF Quote), SunTrust Banks (STI Quote) and Wells Fargo (WFC Quote).

The banks may have the option to repay TARP funds soon if they've been able to raise common equity and would continue to exceed capital buffers set in the stress tests, the person said, Bloomberg reports.

These banks received a combined $142 billion in TARP funds out of the total $700 billion Congress authorized in 2008, Bloomberg notes.

Ten large banks, with the exception of GMAC, which were ordered to raise capital following the stress tests in May, had met or exceeded their goals, the Fed said earlier this month.

Banks so far have had leeway on when to approach the government with a repayment plan. But the Fed's request this month could pressure the banks to repay TARP funds, Bloomberg says.

Spokespeople for each of the banks declined to comment for Bloomberg.