384 0 obj <>/Encrypt 370 0 R/Filter/FlateDecode/ID[<99D2EB86DD76C44180D0A579E6301A49>]/Index[369 55]/Info 368 0 R/Length 85/Prev 183557/Root 371 0 R/Size 424/Type/XRef/W[1 3 1]>>stream [actionDate] => 1989-06-15 Declares that the Chairman of the Federal Home Loan Bank Board on the date of enactment of this Act shall be the Director until such individual's term as Chairman would have expired. Permits insured savings associations to offset secondary reserves against assessed premiums. Provides for civil forfeiture and criminal forfeiture of any property derived from proceeds traceable to specified crimes affecting federally insured financial institutions. Mandates that specified agencies report to the Congress regarding loan discrimination practices. Financial Institutions Reform, Recovery, and Enforcement Act of 1989--(H.R. Title VIII: Bank Conservation Act Amendments - Amends the Bank Conservation Act to prescribe guidelines authorizing the Comptroller of the Currency to appoint conservators for banks, including the appointment of the FDIC as conservator. [displayText] => Passed/agreed to in Senate: Passed Senate in lieu of S. 774 with an amendment by Voice Vote. [externalActionCode] => 5000 The Financial Institutions Reform, Recovery and Enforcement Act of 1989 set up which agency to liquidate the assets of failed savings and loans? Subjects all entities and persons performing functions under this Act, with specified exceptions, to the Comptroller General's auditing powers. Makes such borrowing authority subject to the approval of the Secretary of the Treasury. Grants the Financing Corporation new assessment authority against SAIF members in the same manner as exercised by the FDIC, with the approval of the FDIC Board of Directors. In an effort to pursue the financial institutions perceived to be at the heart of the current financial crisis, the Department of Justice has increasingly turned to civil statutes, such as the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), in lieu of criminal prosecutions. Authorizes the FDIC to borrow funds for the use of the SAIF. Repeals the limitation placed on: (1) the lawful contract interest rate receivable by Federal Home Loan Bank member and non-member borrowers; and (2) the interest rate payable on demand accounts by financial institutions under the Federal Home Loan Bank Board's jurisdiction. ... Financial Institutions Reform, Recovery, and Enforcement Act of 1989. Observations on the Financial Institutions Reform, Recovery and Enforcement Act of 1989 T-AFMD-89-10: Published: Jun 1, 1989. Requires the FDIC to report to the President and the Congress annually regarding its operations, activities, budget, receipts, and expenditures. The item Observations on the Financial Institutions Reform, Recovery and Enforcement Act of 1989 : statement of Frederick D. Wolf, Assistant Comptroller General before the Committee on Banking, Finance and Urban Affairs, House of Representatives represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Indiana State Library 95). Specifies that such funds are both to be operated and administered by the FDIC. Authorizes the FDIC to sue such bridge banks in the case of failed or failing financial institutions as well as banks. Revises certain definitions for the purposes of the Federal Deposit Insurance Act. [displayText] => Became Public Law No: 101-73. Provides that certain State depository institutions shall continue as insured institutions. Directs the U.S. Flood Disaster Protection Act of 1973. Makes such loans a direct liability of the SAIF. Requires such funds to be separately maintained and not commingled. 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