Financial Institutions Reform, Recovery, and Enforcement Act of 1989

Financial Institutions Reform, Recovery, and Enforcement Act of 1989 - Title I: Purposes - Specifies the purposes of this Act, including regulatory reform, the establishment of an independent insurance agency to provide deposit insurance, and the provision of improved supervision and enhanced enforcement powers. Title II: Federal Deposit Insurance Corporation - Amends the Federal Deposit Insurance Act to authorize the Federal Deposit Insurance Corporation (FDIC) to insure deposits held at savings associations as well as commercial banks. Increases the membership of the FDIC's Board of Directors from three to five members. Specifies that one of the additional two members shall be the Director of the Office of Thrift Supervision and the other the Comptroller of the Currency. Revises certain definitions for the purposes of the Federal Deposit Insurance Act. Specifies that the Director of the Office of Thrift Supervision (DOTS) shall be considered the appropriate Federal banking agency in the case of a savings association or a savings and loan holding company. Provides that every FSLIC insured savings association shall continue to be insured by the FDIC without application or approval. Provides that whenever a depository institution files an application or notice for membership with, or to commence or resume business with, the appropriate Federal banking agency, such agency must p…

Congressional Research Service · 1989-08-04