Federal Savings and Loan Insurance Corporation Protection Act

Summary

Federal Savings and Loan Insurance Corporation Protection Act - Amends the National Housing Act to require the Federal Savings and Loan Insurance Corporation to reject the insurance application of any applicant if it finds that there is no need for the applicant institution in the community to be served. Permits the FSLIC, if it determines that an applicant would unduly burden the examination and supervision capability of the Federal Home Loan Bank Board or a State authority, to reject or defer the application until the FSLIC determines that there will be adequate staff at both the State and Federal levels. Prescribes the order or priority for payment, by the FSLIC as receiver, of unsecured claims against the estate of an institution in default. Repeals provisions prescribing priorities for the consideration by the FSLIC of proposals from prospective acquirers, purchasers, or merger partners for the emergency acquisition of an institution. Sets the repeal date for emergency acquisition. Restricts the business activities an insured institution may commence or continue for more than three years after enactment of this Act.

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Timeline

1. 17 May 1985

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 17 May 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 17 May 1985

  Open at official source

Sponsors

• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Proxmire, William [D-WI] · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Federal Savings and Loan Insurance Corporation Protection Act