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FIRREA |
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FIRREA
Financial Institutions Reform, Recovery, and Enforcement Act of 1989 Legislation in the United States passed in response to the savings and loan crisis. The FIRREA created the Resolution Trust Corporation, which was charged with closing thrifts declared to be insolvent. It also created new funds within the FDIC to administer the depositor's insurance to account holders at insolvent institutions. Importantly, it created the Office of Thrift Supervision, a bureau of the U.S. Department of the Treasury, to regulate federal savings associations, thrifts, and some holding companies. The OTS both provides charters and creates regulations for thrifts and other institutions that fall under its supervision. Additionally, it audits the practices of financial institutions that specialize in personal savings and mortgage loans to ensure that they comply with applicable regulations. FIRREA See Financial Institutions Reform,Recovery and Enforcement Act. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| However, neither section 308 of FIRREA nor the guidance issued under that section by the relevant agencies prohibits bank holding companies from acquiring minority depository institutions, and the current proposal does not involve the types of competing bids contemplated by section 308. Before FIRREA, thrifts were insured through the now-defunct Federal Savings and Loan Insurance Corp. The bank decided to make the loan, but FIRREA required a $3,500 appraisal. |
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