Financial Institutions Reform, Recovery, and Enforcement Act of 1989 Law and Legal Definition
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) is a U.S. federal legislation that overhauled regulation and insurance of depository financial institutions in response to the savings and loan crisis of the 1980s
The FIRREA established the Resolution Trust Corporation that closed and merged troubled institutions and provided funds to pay out insurance to their depositors. It also It transferred thrift regulatory authority from the Federal Home Loan Bank Board to the Office of Thrift Supervision.
Additionally, the FIRREA created the Bank Insurance Fund that replaced the Federal Savings and Loan Insurance Corporation as the insurer of thrift deposits.
Legal Definition list
- Financial Institution [Securities]
- Financial Institution (Bankruptcy)
- Financial Information Repository
- Financial Information
- Financial Industry Regulatory Authority (FINRA )
- Financial Institutions Reform, Recovery, and Enforcement Act of 1989
- Financial Instrument
- Financial Interest (Gaming Law)
- Financial Intermediary
- Financial Litigation Section of the Department of Justice
- Financial Management Service - FMS
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