The conventional wisdom as of now is the largest consumer banks have cut their ties to the federal government. Most have paid back their TARP obligations. And the government has moved to sell off its stakes in big banks.

But the likes of Bank of America, JPMorgan Chase, Citigroup, Morgan Stanley and Goldman Sachs still benefit from the government's Temporary Liquidity Guarantee Program, which was set up back in 2008.

There were two prongs to the program, one to insure unsecured senior debt and another to insure consumer accounts. The program was extended several times before the passage of Dodd-Frank, which provides for similar guarantees.

The TLGP is back in the news thanks to a group of lawmakers who are questioning whether it is proper for banks still benefiting from this program to hike their dividends. The idea is that as long as banks are still benefiting from government assistance, they should be very cautious with their capital.

The lawmakers, many of them with the House Financial Services Committee, have written a letter to the Federal Reserve Board to voice their worries, according to Reuters.

The fed will conduct stress tests of top banks soon to determine if they are fit to hike dividends, which banks are itching to do. Most people assume the banks will pass.

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