Page:United States Statutes at Large Volume 103 Part 1.djvu/401

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 373 " (iv) ORGANIZATION OF SAVINGS ASSOCIATIONS.— The Corporation may organize 1 or more Federal savings associations— "(I) which shall be chartered by the Director of the Office of Thrift Supervision, L. "(11) the deposits of which, if any, shall be in- sured by the Federal Deposit Insurance Corpora- tion through the Savings Association Insurance Fund, and "(III) which shall operate in accordance with subsection (e). "(v) ORGANIZATION OF BRIDGE BANKS.— The Corpora- tion may organize 1 or more bridge banks pursuant to subsection (i) of section 11 of the Federal Deposit Insur- ance Act with respect to any institution described in paragraph (3)(A) which becomes a bank. Such bridge bank shall be subject to subsection (e), "(B) REVIEW OF PRIOR CASES. — The Corporation shall— "(i) review and analyze all insolvent institution cases resolved by the Federal Savings and Loan Insurance Corporation between January 1, 1988, and the date of enactment of the Financial Institutions Reform, Recov- ery, and Enforcement Act of 1989, and actively review all means by which it can reduce costs under existing Federal Savings and Loan Insurance Corporation agreements relating to such cases, including restructur- ing such agreements; (ii) evaluate the costs under existing Federal Sav- ings and Loan Insurance Corporation agreements with regard to the following— "(I) capital loss coverage, "(II) yield maintenance guarantees, • "(III) forbearances, "(IV) tax consequences, and "(V) any other relevant cost consideration; "(iii) review the bidding procedures used in resolving such cases in order to determine whether the bidding and negotiating processes were sufficiently competitive; and "(iv) report to the Oversight Board and the Congress Reports, pursuant to subsection (k). The Corporation shall exercise any and all legal rights to < modify, renegotiate, or restructure such agreements where savings would be realized by such actions. The cost or income of any modification shall be a liability or an asset of the Corporation or the FSLIC Resolution Fund as deter- mined by the Oversight Board. Nothing in this paragraph ( shall be construed as granting the Corporation any legal rights to modify, renegotiate, or restructure agreements between the Federal Savings and Loan Insurance Corpora- tion and any other party, which did not exist prior to the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. ' (12) REGULATIONS, POUCIES, AND PROCEDURES. — "(A) IN GENERAL.— Subject to the review of the Oversight Board, the Corporation shall adopt the rules, regulations, standards, policies, procedures, guidelines, and statements

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