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, savings and loan 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

FIRREA

See Financial Institutions Reform,Recovery and Enforcement Act.

References in periodicals archive ?
Awareness of FIRREA in the lending community seems to be at an all-time high, as federal regulators seek to actively enforce regulations focused in part on further separating those who order appraisals from those in loan production.
A few agencies such as the FHA and the VA are not directly mentioned by FIRREA, but some of their programs may be covered indirectly.
He pointed out that the ASC's powers under FIRREA were limited (to suasion and decertification) by the existing legislation and that several of the founding fathers wanted this "limitation" by design in FIRREA to keep the federal government from "meddling" in states' rights issues.
21) Part VI concludes by proposing recommendations for financial institutions to assess their exposure to potential FIRREA claims.
Thus, the issue of the continuing vitality of the common law doctrine in light of the revision of [section] 1823(e) by FIRREA was not discussed in any of these opinions.
FIRREA provides for a six-year limitations period for contract claims and a three-year period for tort claims, or the period applicable under state law if longer.
These exemptions remain the same as published in the last FIRREA amendments of 1994.
FIRREA awards all rights, titles, powers and privileges previous due shareholders to regulators in the event of a conservatorship.
FIRREA covers all appraisals performed for federally related real estate transactions (mortgage loans).
FIRREA also included: $50 billion of new borrowing authority; net worth requirements and regulation by the OTS and FDIC; and allocation funds to the U.
The Enactment of FIRREA and the Beginnings of the RTC
The bill will require that all appraisals done for the Hope for Homeowners program must be conducted in accordance to Title XI of FIRREA and performed by an appraiser who meets the competency requirements of the Uniform Standards of Professional Appraisal Practice.