Savings and Loan Simplification Act of 1990

Summary

Savings and Loan Simplification Act of 1990 - Title I: Savings and Loan Simplification - Abolishes the Resolution Trust Corporation (RTC) Oversight Board. Amends the Federal Home Loan Bank Act to declare that the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) plus two independent members appointed by the President, shall be the Board of Directors of the Resolution Trust Corporation. Requires the RTC to submit periodic financing reports to the Secretary of the Treasury. Abolishes the Federal Housing Finance Board and transfers its responsibilities to the Board of Governors of the Federal Reserve System, which shall supervise the Federal Home Loan Banks and ensure that they remain adequately capitalized. Abolishes the Office of Thrift Supervision (OTS). Makes the Comptroller of the Currency the supervisor of savings associations with powers previously held by the Director of OTS and not transferred to the Board of Governors of the Federal Reserve System. Amends the Federal Deposit Insurance Act to restructure the Board of Directors of the FDIC, replacing the Director of OTS with the Comptroller of the Currency (as a nonvoting member). Amends the Federal Home Loan Bank Act to require the RTC to transfer real property on its inventory, at the request of the Secretary of the Interior, to any Federal or State agency if the Secretary determines the land has significant natural value. Requires the RTC to maintain a Fraud and Enforcement Review Division with respect to institution-affiliated parties of thrifts under its jurisdiction. Requires such Division to report to the Congress on the coordinated pursuit of claims by certain Federal agencies. Reduces from 85 percent to 75 percent the amount of working capital which the RTC may borrow. Amends the Federal Deposit Insurance Act to provide that the assessment rate for Bank Insurance Fund members and Savings Association Insurance Fund members shall be the rate the FDIC Board of Directors determines is appropriate to either: (1) maintain a reserve ratio equal to the designated reserve ratio; or (2) restore the reserve ratio to the designated reserve ratio. Sets forth a minimum assessment. Title II: Restructuring the Federal Prosecution of Bank Crimes - Establishes the Financial Institutions Fraud Unit within the Department of Justice to be headed by a special counsel reporting directly to the Deputy Attorney General. Terminates such Unit within five years from the date of enactment of this Act. Directs the Attorney General to establish: (1) financial institutions fraud task forces; and (2) a senior interagency group to assist in identifying the most significant savings and loan and bank fraud cases. Requires the Financial Institutions Fraud Unit to report semiannually to certain congressional committees on investigations, prosecutions, and enforcement proceedings. Amends Federal law to direct the Attorney General to make available to the Congress on a monthly basis statistics regarding financial services criminal proceedings.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

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• Introduced in Senate

  summary · EN · 26 September 1990

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