Effective December 19, 1991 | Public law 102-242 | |
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Other short titles Foreign Bank Supervision Enhancement Act of 1991Qualified Thrift Lender Reform Act of 1991Truth in Savings Act Long title An Act to reform Federal deposit insurance, protect the deposit insurance funds, recapitalize the Bank Insurance Fund, improve supervision and regulation of insured depository institutions, and for other purposes. Nicknames Bank Enterprise Act of 1991 Enacted by | ||
The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), passed during the savings and loan crisis in the United States, strengthened the power of the Federal Deposit Insurance Corporation.
It allowed the FDIC to borrow directly from the Treasury department and mandated that the FDIC resolve failed banks using the least costly method available. It also ordered the FDIC to assess insurance premiums according to risk and created new capital requirements.
References
Federal Deposit Insurance Corporation Improvement Act of 1991 Wikipedia(Text) CC BY-SA