Financial Institutions Reform, Recovery and Enforcement Act of 1989


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Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA)

Legislation that established the Office of Thrift Supervision, which was created in the wake of the savings and loan crisis of the late 1980s.

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.
References in periodicals archive ?
However, the appellate court ruled that the Financial Institutions Reform, Recovery and Enforcement Act of 1989 contained special provisions regarding the failure of financial institutions.
The groups noted that the federal regulatory structure for real estate appraisal essentially has been untouched since enactment of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, and that the most recent congressional committee hearing devoted to appraisal oversight was four years ago.
Reforms followed, among them the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), and the Crime Control Act of 1990.
Similarly, in 1989 in establishing the manner of the conduct of the receivership of insured depository institutions under federal law, the Financial Institutions Reform, Recovery and Enforcement Act of 1989 provided for the termination, or closeout, and netting of qualified financial contracts, including securities, commodity and forward contracts, and repurchase and swap agreements.
FIRREA is the Financial Institutions Reform, Recovery and Enforcement Act of 1989, under Title XI of federal law.
After legislating major changes affecting savings institutions in the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), Congress focused on the potential for similar costly use of taxpayers' money to pay insured depositors of banks.
The deal represents a significant step by the RTC (which is charged with disposing of $100 billion in savings and loans assets), toward providing business opportunities for minority-owned companies, a procedure mandated by the Financial Institutions Reform, Recovery and Enforcement Act of 1989.
The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) mandates that all thrifts divest themselves of their investments in CMO residuals, as well as certain other direct real estate investments, by 1994.
5 million in damages to the Bank in connection with a lawsuit it filed in 1995 claiming the federal government breached its contract with the Bank upon the enactment of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 ("FIRREA").
The Financial Institutions Reform, Recovery and Enforcement Act of 1989 contains the 1989 amendments to HMDA; the Federal Deposit Insurance Corporation Improvement Act of 1991 contains the 1991 amendments.
The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) was enacted in response to significant economic problems suffered by banks and thrifts.
This book takes a look at the issues raised by the creation of banks and bank holding companies by savings institutions and the changes brought about by the Federal Deposit Insurance Corporation Improvement Act of 1991(FDICIA), the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), and the Gramm-Leach-Bliley Act of 1999.
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