Bank of America Will Repay $45B TARP Loan Move will help bank rid itself of government restrictions By John Johnson, Newser Staff Posted Dec 2, 2009 5:07 PM CST 12 comments Comments Bank of America wants to repay its TARP loan. (AP Photo/Craig Ruttle, File) (Newser) – Bank of America is joining the ranks of banks that have repaid their TARP loans. The bank will repay $45 billion to the Treasury Department to begin ridding itself of restrictions on pay and other matters. BofA plans to raise $20 billion in capital to beef up its reserves and prevent it from returning with outstretched hands. Another nugget from the Wall Street Journal: The man who negotiated the deal, chief risk officer Greg Curl, may soon become the bank's interim CEO.