Definition:
Financial Institutions Reform Act
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The Financial Institutions Reform, Recovery and Enforcement Act is a U.S. law passed in 1989 that authorized bank holding companies to acquire healthy savings and loan associations and restructured the FDIC.The act divided the FDIC's insurance fund into a Bank Insurance Fund (BIF) to cover U.S. commercial bank deposits and a Savings Association's Insurance Fund (SAIF) to insure the deposits of the U.S.-based savings and loan associations and other thrifts.
The Financial Institutions Reform, Recovery and Enforcement Act was part of the legislation born out of the savings and loan crisis of the 1980s.
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