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Federal Savings and Loan Insurance Corporation Resolution Fund
Understanding the Federal Savings and Loan Insurance Corporation Resolution Fund
Definition & Meaning
The Federal Savings and Loan Insurance Corporation Resolution Fund (FRF) is a federal entity established to take over the responsibilities and assets of the former Federal Savings and Loan Insurance Corporation (FSLIC). The FRF was created under the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which aimed to reform the savings and loan industry. It manages the assets and liabilities inherited from the FSLIC and ensures the continuation of its duties, primarily focused on protecting depositors and maintaining stability within the financial system.
Table of content
Legal Use & context
The FRF plays a significant role in the regulation and oversight of savings associations. It is involved in legal practices related to financial regulation, insolvency, and consumer protection. Users may encounter the FRF in contexts such as:
Handling claims related to failed savings associations.
Understanding the implications of financial reforms on savings and loan institutions.
Individuals and entities may utilize legal templates from US Legal Forms to navigate processes involving the FRF effectively.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A savings association fails due to insolvency. The FRF steps in to manage the closure process, ensuring that depositors receive their insured funds in a timely manner.
Example 2: A depositor files a claim with the FRF after a savings association goes under, seeking reimbursement for their insured deposits (hypothetical example).
Relevant laws & statutes
The primary law governing the FRF is the Financial Institutions Reform, Recovery and Enforcement Act of 1989. This act restructured the savings and loan industry and established the FRF to replace the FSLIC.
Comparison with related terms
Term
Definition
Key Differences
Federal Savings and Loan Insurance Corporation (FSLIC)
The former insurance entity for savings and loan institutions.
Replaced by the FRF under the 1989 Act; no longer operational.
Savings Association Insurance Fund (SAIF)
A fund that insures deposits at savings associations.
Operates alongside the FRF but is distinct in its focus on savings associations.
Common misunderstandings
What to do if this term applies to you
If you are dealing with a failed savings association or have claims related to the FRF, consider the following steps:
Gather all relevant documentation regarding your deposits and the failed institution.
Contact the FRF or visit their website for information on filing a claim.
Utilize legal templates from US Legal Forms to assist in preparing necessary documents.
If your situation is complex, consult a legal professional for tailored advice.
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