Resolution Trust Corporation Funding Act of 1992

Summary

Resolution Trust Corporation Funding Act of 1992 - Title I: Resolution Trust Corporation Funding - Amends the Federal Home Loan Bank Act to extend the authorization of funds for the Resolution Trust Corporation (RTC), until April 1, 1993, and to provide additional funds. Title II: Resolution Trust Corporation Technical Amendments - Makes technical amendments to the Resolution Trust Corporation Refinancing, Restructuring, and Improvement Act of 1991. Title III: Other Resolution Trust Corporation-Related Amendments - Amends the Resolution Trust Corporation Refinancing, Restructuring, and Improvement Act of 1991 to repeal the risk-weighted capital requirement for certain single family housing construction loans, and for purchase loans secured by certain multi-family housing. Specifies that personal property sold by a U.S. agency includes financial instruments and other intangible assets (thereby permitting a certain Alaskan corporation to purchase intangible assets as well as real property from the RTC and the Federal Deposit Insurance Corporation (FDIC). Requires the RTC to provide continuation of health plan coverage to certain eligible employees of failed depository institutions placed under RTC conservatorship or receivership. Directs the Attorney General to collect and maintain specified judgment collection information according to prescribed procedures in order to ensure that the greatest practicable amount of money due the United States and the RTC from fines and restitution imposed upon insured savings associations (and institution-affiliated parties) in connection with criminal proceedings is actually received. Amends the Federal Home Loan Bank Act to prescribe guidelines for filling temporary vacancies in the office of the chief executive officer of the RTC. Amends the Home Owners Loan Act to revise the transition rule and phase-out schedule regarding the separate capitalization rules for savings associations' subsidiaries engaged in activities that are impermissible for national banks (thus granting such savings associations a limited time-frame within which to include in their capital calculations specified declining percentages of real estate investments made by their subsidiaries). Grants the Director of the Office of Thrift Supervision (OTS) case-by-case discretion to extend the phase-out schedule by two years. Sets forth eligibility criteria for such an extension. Amends the Federal Deposit Insurance Act to extend from three years to five years the Federal statute of limitations for tort actions brought by the RTC in its capacity as either conservator or receiver of a failed savings association. Shields the Board of Directors of an insured depository institution from liability to the institution's shareholders or creditors for acquiescing in its conservatorship or receivership status, or in its acquisition by or combination with respect to other institutions. Amends the Financial Institution Reform, Recovery, and Enforcement Act of 1989 to authorize the RTC and each financial institution regulatory agency to establish threshold levels below which a certified or licensed appraiser is not required to perform appraisals in connection with federally related transactions. Requires the Director of OTS to consider whether providing certain assistance to an insured institution would be more cost-effective resolution than transferring to the RTC, before making any such transfer. Earmarks specified funds for the early resolution of certain savings associations by the Director of OTS. Amends the Federal Home Loan Bank Act to add Florida to the list of distressed areas within which the RTC may not sell real estate properties for less than 95 percent of market value without documenting the need to do so. Amends the Federal Home Loan Bank Act to authorize the RTC to make loan guarantee commitments with respect to loans made by qualified lenders to finance the purchase of real property held by the RTC. Prescribes guarantee parameters. Expresses the sense of the Congress that: (1) Federal regulators of depository institutions should consider making changes in risk-based capital standards by accelerating their implementation of an interest rate risk component, and by reviewing loan standards for purchase or construction of low- and moderate-income housing; (2) the life of the RTC shall not extend beyond its statutory termination date of December 31, 1996; and (3) the RTC shall not receive any additional failed savings and loans after a specified date. Title IV: Bank and Thrift Disclosure Act - Bank and Thrift Disclosure Act of 1992 - Requires each appropriate banking agency to make public disclosures of all examinations it performed with respect to failed depository institutions (including their holding companies) within the five year period preceding the transfer, failure, or receipt of certain Federal bank agency funds by such failed institutions while critically undercapitalized during the year before it failed. Prohibits the RTC or the FDIC from entering into confidential claim settlement agreements on behalf of failed insured depository institutions. Requires all claim settlement agreements to be made public. Sets forth guidelines for removing certain customer, examiner, and whistle blower information from examination reports made available to the public. Requires the RTC, the FDIC, and the National Credit Union Administration, in their capacity as receivers or liquidators, to make public disclosures of certain insider-caused loans with respect to certain failed insured depository institutions. Requires the Comptroller General to audit selectively examination reports made available to the public under this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 24 March 1992

   Reported

   Committee on Banking ordered to be reported an original measure.

   Source: Committee

2. 25 March 1992

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 429.

   Source: Calendars

3. 25 March 1992

   Reported

   Committee on Banking. Original measure reported to Senate by Senator Riegle. Without written report.

   Source: Committee

4. 25 March 1992

   Reported

   Committee on Banking. Original measure reported to Senate by Senator Riegle. Without written report.

   Source: Committee

5. 25 March 1992

   Introduced

   Introduced in Senate

   Source: IntroReferral

6. 26 March 1992

   Floor

   Measure laid before Senate.

   Source: Floor

7. 26 March 1992

   Vote

   Passed/agreed to in Senate: Passed Senate with amendments by Yea-Nay Vote. 52-42. Record Vote No: 59.

   Source: Floor

8. 30 March 1992

   Floor

   Received in the House.

   Source: Floor

9. 30 March 1992

   Floor

   Message on Senate action sent to the House.

   Source: Floor

10. 30 March 1992

    Floor

    Held at the desk.

    Source: Floor

Votes

Versions

• Engrossed in Senate · — · Download file
• Placed on Calendar Senate · — · Download file

Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN

  ViewDownloadOpen at official source

• Engrossed in Senate (text)

  Engrossed in Senate · EN

  ViewDownloadOpen at official source

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• Passed Senate amended

  summary · EN · 26 March 1992

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• Introduced in Senate

  summary · EN · 25 March 1992

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Sponsors

• Sen. Riegle, Donald W., Jr. [D-MI] · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Resolution Trust Corporation Funding Act of 1992
• related to → To remove the limitation on the availability of funds previously appropriated to the Resolution Trust Corporation.
• amends ← To strike titles II through IV of the bill.
• amends ← To limit the guarantee of loans to purchase RTC property to not to exceed 75 percent.
• amends ← To amend the Federal Reserve Act and the International Banking Act of 1978 concerning foreign deposits, and for other purposes.
• amends ← To require that amounts appropriated for the Resolution Trust Corporation be treated as direct spending for purposes of budget enforcement.