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 ?
Specifically, Claymore alleged that Credit Suisse manipulated the appraisal to reflect a "FIRREA value" of $891 million; but a FIRREA appraisal would have revealed the as-is market value of the property as less than $540 million, the total amount of the loan.
By way of introduction, FIRREA broadens the scope of a prosecutor's powers.
(14) FIRREA does not define what it means to "affect[] a federally insured financial institution." (15) Congressional intent demonstrates that Congress enacted [section] 1833a in response to the pervasive insider abuse and fraud of the savings and loan crisis ("S&L Crisis") and was not intended to punish financial institutions for losses incurred from their own conduct.
The provisions were mandated under the Dodd-Frank Act, the Interagency Appraisal and Evaluation Guidelines; changes to FIRREA, the Truth in Lending Act (TILA), Equal Credit Opportunity Act (ECOA) and Uniform Standards of Professional Appraisal Practice (USPAP); and an ever-growing list of state statutes and rules, to name a few.
From 1950 to 1989, despite the expansion of the common law D'Oench Duhme doctrine to provide greater protection to the FDIC and other agencies, the statutory codification of D'Oench Duhme "remained true to the limited facts of the original case and underwent no significant changes until 1989." (12) However, in 1989, [section] 1823(e) was amended by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), which expanded the federal banking agencies' power to regulate the industry.
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.
Under the provisions of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), the AQB establishes the minimum education, experience and examination requirements for real property appraisers to obtain a state certification.
4173) is the first overhaul of appraisal regulations since the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) was enacted in 1989.
FIRREA awards all rights, titles, powers and privileges previous due shareholders to regulators in the event of a conservatorship.
Appraisals performed in the United States may be subject to at least two standards: the Uniform Standards of Professional Appraisal Practice (USPAP), and the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA).
After a series of S&L failures during the 1980s, the Financial Institutions Reform Recovery and Enforcement Act (FIRREA) switched S&L regulation to the newly created Office of Thrift Supervision (OTS) and deposit insurance oversight to the Federal Deposit Insurance Corp.