NCJ Number
130966
Date Published
1990
Length
2278 pages
Annotation
These two volumes present the complete text of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) along with a legislative history, reports, and analysis on each section.
Abstract
As a response to the savings and loan crisis of the 1980's, the FIRREA was introduced to turn the thrift industry around by significantly increasing Federal supervision and enforcement powers over thrifts (especially over State-chartered thrifts), to speed up and increase the effectiveness of the liquidation or other disposition of insolvent thrifts, and to regulate more intensively the insurance of deposits in thrift institutions. The FIRREA was also designed to create an actuarily sound rate or rates of premiums to be charged for insurance of deposits by both thrifts and banks and to improve the coordination of the supervisory and regulatory functions of the various Federal and State authorities that have jurisdiction over thrifts and banks. Under the FIRREA, the creation of insured depository institutions, the change of ownership or control, the regulation of holding and affiliate companies, and the supervision of qualifications and performance of those who control depository institutions is to be more closely watched by various Federal agencies. Also, significant changes are made in the structure and responsibilities of various Federal agencies. Included are a discussion of prior law effected by FIRREA, a glossary, a FIRREA time table, technical amendments, legislative amendments, a table of statutes, and a table of cases. An index and a 56-item bibliography