Financial Institutions Reform, Recovery, and Enforcement Act of 1989
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The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s.
Quick Facts Acronyms (colloquial), Enacted by ...
Acronyms (colloquial) | FIRREA of 1989 |
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Enacted by | the 101st United States Congress |
Effective | 1989 |
Citations | |
Public law | Pub. L.Tooltip Public Law (United States) 101–73 |
Statutes at Large | 103 Stat. 183 |
Legislative history | |
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Major amendments | |
Dodd–Frank Wall Street Reform and Consumer Protection Act Economic Growth, Regulatory Relief and Consumer Protection Act |
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It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided funds to pay out insurance to their depositors. It transferred thrift regulatory authority from the Federal Home Loan Bank Board to the Office of Thrift Supervision.[citation needed] It dramatically changed the savings and loan industry and its federal regulation, encouraging loan origination.[1]