Savings and Loan Prosecution Facilitation Act

Summary

Savings and Loan Prosecution Facilitation Act - Title I: Amendments Relating to Bankruptcy Proceedings - Amends bankruptcy law to preclude from a discharge in bankruptcy: (1) court-ordered restitution for criminal activities that caused a loss to a depository institution or insured credit union; and (2) specified financial assessments issued by a Federal financial institution regulatory agency (or contained in settlement agreement) for certain breaches of fiduciary duty with respect to a depository institution or insured credit union. Title II: Personnel for Investigations and Prosecutions - Authorizes appropriations to the Secretary of the Treasury and the Attorney General for investigation and enforcement personnel. Authorizes interagency coordination for investigation, legal services, and law enforcement. Title III: Amendments Relating to Powers and Proceedings of Federal Banking Agencies - Amends the Federal Deposit Insurance Act to declare that any liability for breach of fiduciary duty by an institution-affiliated party shall be precluded from discharge in bankruptcy. Grants priority to actions brought by the Federal Deposit Insurance Corporation (FDIC) against a party providing services to an insured depository institution (or against an employee of such institution) over suits brought by other parties (except for other Federal claims). Mandates expedited judicial procedures for such actions. Authorizes Federal banking agencies, the FDIC, and the Resolution Trust Corporation (RTC) to cooperate with foreign banking agencies with respect to investigations. Authorizes a court to issue prejudgment attachments and permanent and temporary restraining orders upon application by a Federal banking agency. Grants subpoena authority to the Board of Directors of the FDIC and the RTC acting as conservators or receivers. Authorizes the FDIC as conservator or receiver for any insured depository institution to avoid transfers of property interests or obligations incurred by an institution-affiliated party or debtor made within five years of the date on which the FDIC was appointed conservator or receiver if such conveyance was fraudulent. Title IV: Amendments to Criminal Provisions Applicable to Depository Institutions - Amends Federal criminal law to authorize the Attorney General to obtain restraining orders for banking law violations or alienation of property under certain circumstances. Establishes the penalty of a fine or prison term for concealment of property or assets from a Federal banking agency acting as receiver or conservator. Provides for: (1) wiretap authority for bank fraud and related offenses; and (2) enhanced to order restitution in certain fraud cases.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 25 June 1990

  Open at official source

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