H.R.5881 - Private Sector Capital Incentive Act of 1990101st Congress (1989-1990)
|Sponsor:||Rep. Oakar, Mary Rose [D-OH-20] (Introduced 10/19/1990)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 11/15/1990 Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5881 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (10/19/1990)
Private Sector Capital Incentive Act of 1990 - Amends the Federal Deposit Insurance Act to authorize, with prior written approval from the responsible Federal banking agency, specified conversion transactions by savings associations insured by the Savings Association Insurance Fund (SAIF) with banks insured by the Bank Insurance Fund (BIF) and vice versa, notwithstanding the moratorium on such conversions imposed under the Federal Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (which does not expire until August 1994).
Prescribes guidelines for assessments on deposits attributable to depository institutions that were former members of either the BIF or the SAIF. Revises the guidelines for: (1) semi-annual assessments; and (2) Federal Reserve Board approval of conversion transactions.
Provides that losses incurred by the Federal Deposit Insurance Corporation (FDIC) due to the default of a depository institution that has engaged in a conversion transaction shall be allocated between the BIF and the SAIF to reflect the amount of insured deposits of the resulting institution which were assessed by the respective Funds. Prohibits approval of any transaction that amounts to transfer of an institution's Federal deposit insurance from one fund to the other. Requires disapproval of any application for a transaction unless the acquiring, assuming, or resulting depository institution meets all applicable capital standards.
Provides for post-moratorium FDIC approval of conversion transactions by any acquiring, assuming, or resulting depository institution after payment of prescribed entrance and exit fees.
Amends the Revised Statutes of the United States and the Home Owners' Loan Act to authorize the acquisition of a Federal savings association by any insured depository institution.
Amends the Bank Holding Company Act of 1956 to revise the guidelines for savings associations acquisitions by certain companies which control banks but are not treated as bank holding companies.