legislation: 102-hr-5905
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
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| 102-hr-5905 | 102 | hr | 5905 | Resolution Trust Corporation Revitalization Act of 1992 | Finance and Financial Sector | 1992-08-12 | 1992-09-01 | Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance. | House | Rep. Vento, Bruce F. [D-MN-4] | MN | D | V000087 | 0 | Resolution Trust Corporation Revitalization Act of 1992 - Title I: Funding - Amends the Federal Home Loan Bank Act to direct the Secretary of the Treasury to provide the Resolution Trust Corporation (RTC) with specified sums for the period between the date of the enactment of the Resolution Trust Corporation Amendments of 1992 and March 31, 1993. Prohibits the RTC, when calculating a certain limitation on borrowing, from counting as borrowed funds those monies received from contributions or from the Treasury. Reduces from $50,000,000,000 to $30,000,000,000 the maximum amount of outstanding RTC obligations. Permits the RTC to borrow only from the Treasury or the Federal Financing Bank. Title II: Institutional Resolution - Requires the RTC, immediately upon its appointment as receiver or conservator of an insured depository institution, to: (1) prepare a detailed description and valuation of each asset acquired; and (2) arrange for the sale of the institution's performing mortgages. Amends the Federal Deposit Insurance Act to repeal the RTC Oversight Board's authority to make certain discretionary payments to the Savings Association Insurance Fund. Amends the Federal Home Bank Act to preclude the RTC from making any capital contribution payment to a depository institution in conservatorship, except loans or advances. Title III: Asset Sales - Prohibits the RTC from engaging in the following practices: (1) selling the assets of an uninsured depository institution by providing a loan for any portion of a purchase price which either delays or defers interest payments, or obligates the purchaser to pay interest only out of the net income realized from the assets (cash flow mortgages); (2) arranging for the securitization of an insured depository institution's loan assets unless such assets meet specified criteria; or (3) requiring an insured depository institution asset to be included in a bulk sale if the RTC has received a more favorable purchase offer. Title IV: Regulatory Measures - Amends the Federal Deposit Insurance Act to mandate that a critically undercapitalized insured depository institution be placed in either receivership or conservatorship within 180 days of commencement of such status. Sets forth a receivership schedule and acquisition guidelines based upon critical capitalization levels. Requires each appropriate banking agency to make public disclosure of examination reports made five years before the failure of certain depository institutions or their holding companies (excluding open insured depository institutions). Proscribes confidential agreements or settlements between the RTC or the Federal Deposit Insurance Corporation (FDIC) and any other party relating to certain depository institutions which have either failed, or received funds. Requires the FDIC, the RTC, and the National Credit Union Administration to make publicly available within a specified period after being appointed receiver or liquidating agent: (1) the name and loan balance of insider borrowers connected with the failed institution; and (2) pending and settled lawsuits brought by them involving transactions that caused a material loss to such institution or to the deposit insurance fund. Requires the Comptroller General to selectively audit such disclosures. Title V: Management of RTC - Amends the Federal Home Loan Bank Act to prohibit the RTC from waiving certain statutory conflict of interest proscriptions unless the affected person disaffiliates from the corporation or other entity. Establishes the Resolution Trust Corporation as a wholly-owned Government corporation. Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to extend from three years to six years the statute of limitations for actions brought as conservator or receiver of a failed institution. Amends the Federal Deposit Insurance Act to permit the prejudgment attachment of certain property where there is probable cause to believe banking laws have been violated. Provides that an order of restitution issued in connection with conviction for a banking law violation shall: (1) be due in full as of the date of the order; (2) remain enforceable until the total amount of restitution has been paid; and (3) constitute a lien against all of the defendant's property. Authorizes the court to appoint a temporary receiver to administer the defendant's assets to ensure payment of restitution. Requires the court, after the sentencing of the defendant, to make available to any recipient of a court-ordered restitution any financial information contained in the defendant's presentencing investigation report. Mandates that the defendant pay directly to the Federal Deposit Insurance Corporation (FDIC) any court-ordered restitution which accrues to its benefit. Prohibits the court from taking into consideration the defendant's ability to pay when determining the amount of restitution ordered. Requires the United States Parole Commission (or the probation officer of Federal district court) to notify each recipient of court-ordered restitution if the full amount of such order has not been fully paid before the end of the defendant's period of supervised release. Prescribes guidelines under which any private person may file a court action to recover, on behalf of the FDIC, any asset of any person liable for the satisfaction of a restitution order. Grants such person a prescribed percentage of recovered assets. Title VI: Reports - Amends the Federal Home Loan Bank Act to direct the RTC to present to certain congressional committees: (1) a detailed cost-benefit analysis of contracting out certain major tasks to private sector firms as compared to having the work performed by its own staff; and (2) specified quarterly status reports. Requires the Office of Thrift Supervision to report to certain congressional committees on the feasibility of requiring a nationwide, uniform, automated recordkeeping system for conservators and receivers with respect to the assets and liabilities of insured depository institutions. | 2025-08-26T15:15:35Z |