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United States · Law · S

S. 714 (103rd)

Resolution Trust Corporation Completion Act

enactedUnited States· United States Congress· EN

Introduced

1 April 1993

Last action

—

Status

Became Public Law No: 103-204.

Sponsors

—

Subjects

Discovery layer

Source updated

14 January 2025

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Summary

Thrift Depositor Protection Act of 1993 - Amends the Federal Home Loan Bank Act to provide additional funding to the Resolution Trust Corporation (RTC), up to designated limits. Releases such funds in specified stages, subject to certification to the Congress by the Chairperson of the Thrift Depositor Protection Oversight Board (the Chairperson) that a specified program tailored to curb RTC waste, fraud, and abuse has been implemented. Amends the Federal Deposit Insurance Act to provide additional funding to the Savings Association Insurance Fund (SAIF), up to designated limits. Authorizes the Secretary of the Treasury (the Secretary) to pay to SAIF or to the FSLIC Resolution Fund, for a certain period after RTC termination, any RTC funds that the Secretary determines are not required to meet its obligations. Conditions the release of SAIF funds in two stages upon certification by the Secretary to the Congress that: (1) the funds are needed; (2) the SAIF is being operated in an efficient manner; (3) it is implementing a program to prevent waste, if appropriate, fraud, and abuse in its operations; and (4) the FDIC is taking action, if appropriate, to correct problems identified in its most recent General Accounting Office audit. Amends the Federal Home Loan Bank Act to require the Chairperson to certify to certain congressional committees that the RTC is implementing an appeals procedure for non-defaulting businesses and commercial borrowers whose credit transactions have been adversely affected by RTC decisions. Directs the Secretary to submit to certain congressional committees final reports on the use of funds by the RTC and the SAIF.

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Documents

13 official files

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