Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA)

A United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided funds to pay out insurance to their depositors. It moved thrift regulatory authority from the Federal Home Loan Bank Board to the Office of Thrift Supervision (within the United States Department of the Treasury) to regulate thrifts.

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