Financial Institutions Reform, Recovery, and Enforcement Act of 1989

Financial Institutions Reform, Recovery, and Enforcement Act of 1989 - Title I: Purposes - Specifies the purposes of this Act, including regulatory reform, the establishment of an independent insurance agency to provide deposit insurance, and the provision of improved supervision and enhanced enforcement powers.

Title II: Federal Deposit Insurance Corporation - Amends the Federal Deposit Insurance Act to authorize the Federal Deposit Insurance Corporation (FDIC) to insure deposits held at savings associations as well as commercial banks.

Increases the membership of the FDIC's Board of Directors from three to five members. Specifies that one of the additional two members shall be the Director of the Office of Thrift Supervision and the other the Comptroller of the Currency.

Revises certain definitions for the purposes of the Federal Deposit Insurance Act. Specifies that the Director of the Office of Thrift Supervision (DOTS) shall be considered the appropriate Federal banking agency in the case of a savings association or a savings and loan holding company.

Provides that every FSLIC insured savings association shall continue to be insured by the FDIC without application or approval. Provides that whenever a depository institution files an application or notice for membership with, or to commence or resume business with, the appropriate Federal banking agency, such agency must provide such application to the FDIC for comment. Requires such agency to take the FDIC's comment into account in deciding whether to grant the application.

Provides that certain State depository institutions shall continue as insured institutions.

Allows any Federal savings association authorized to do business by the DOTS to become an insured depository institution upon the filing of an application with the FDIC together with a certificate issued by the DOTS unless insurance is denied by the FDIC. Sets forth procedures for the FDIC to evaluate such an application. Specifies the factors to be considered in granting or denying insurance coverage. Requires the FDIC to notify the DOTS if such insurance coverage is denied, and to give specific reasons in writing for such denial.

Requires every noninsured depository institution which becomes insured by the FDIC to pay any entrance fee prescribed by FDIC regulations. Requires that such fee be credited to either the Bank Insurance Fund (BIF) or the Savings Associations Insurance Fund (SAIF) depending on which fund the institution joins.

Prohibits any insured depository institution from participating in any type of conversion transaction which would result in a change of membership from one such fund to the other without the approval of the FDIC. Places a five-year moratorium on the approval of such conversion transactions, except in limited circumstances. Requires financial institutions which participate in such conversion transactions to pay specified entrance and exit fees.

Provides for conversion by merger.

Provides that whenever the FDIC incurs a loss in connection with the default of an insured depository institution, or in connection with providing assistance to an insured depository institution in danger of default, any other commonly-controlled insured depository institution shall be liable to the FDIC and on request shall reimburse the FDIC for any such loss. Specifies the method of calculating such liability. Sets forth procedures for imposing and collecting such liability. Limits the rights of any third parties in such proceedings. Provides that for a five-year period no BIF members shall be held liable for the default of a BIF member. Defines "commonly-controlled" for purposes of determining such liability.

Adds as a factor to be considered by the FDIC in evaluating applications for insurance coverage the risk presented to the BIF or the SAIF.

Allows the FDIC, after reaching agreement with the other Federal banking agencies, to require insured depository institutions to file additional reports for insurance purposes.

Requires the FDIC to set the assessment rate for insured depository institutions annually. Specifies that the annual assessment rate for BIF members shall be determined independently from the annual assessment rate for SAIF members. Prescribes the assessment rates for BIF members for 1989, 1990, and 1991 onward. Prescribes the assessment rates for SAIF members through 1990, for 1991 through 1993, for 1994 through 1997, and for 1998 onward. Allows the FDIC to raise or lower such assessment rates under specified circumstances. Specifies that such assessments shall be paid annually. Allows assessment credits to BIF members and SAIF members for years in which the reserve ratio is expected to exceed the designated reserve ratio in the succeeding year.

Permits insured savings associations to offset secondary reserves against assessed premiums.

Grants the FDIC the same authority to examine insured savings associations and to insure the deposits held at savings associations as it presently has with respect to insured banks.

Establishes two insurance funds (the Bank Insurance Fund (BIF) and the Savings Associations Insurance Fund (SAIF)) to be used by the FDIC to carry out the insurance purposes of this Act. Specifies that such funds are both to be operated and administered by the FDIC. Requires such funds to be separately maintained and not commingled. Specifies that the BIF shall consist of the assets of the Permanent Insurance Fund and all amounts assessed of BIF members. Specifies that the SAIF shall consist of all amounts assessed of SAIF members (which are not required for the Financing Corporation or the Resolution Funding Corporation pursuant to this Act) and of funds provided by the Secretary of the Treasury according to a specific schedule for FY 1991 through FY 1999. Authorizes the Secretary to provide additional amounts for such fund if the minimum net worth of the fund falls below a certain level. Authorizes appropriations for such funds. Authorizes the FDIC to borrow funds for the use of the SAIF. Provides that such borrowings shall be a direct liability of the SAIF and shall be subject to certain limitations.

Revises and defines the authorities and duties of the FDIC as the receiver or conservator for insured Federal financial institutions and for insured State financial institutions. Specifies that all insurance payments made on account of a closed bank or insured branch of a foreign bank shall be made only from the Bank Insurance Fund and all payments made on account of a closed savings association shall be made only from the Savings Association Insurance Fund.

Provides that when the FDIC pays insurance to a depositor, the FDIC shall be subrogated to the depositor's claim against the financial institution. (Such right of subrogation now applies only to national banks.)

Sets forth the authorities and duties of the FDIC in the establishment of bridge banks in cases of failed or failing financial institutions. Authorizes the FDIC to sue such bridge banks in the case of failed or failing financial institutions as well as banks. Increases from one to three the number of times a bridge bank may be granted a one-year extension of its corporate existence. Prescribes procedures for the termination and dissolution of bridge banks.

Establishes the FSLIC Resolution Fund (Fund). Specifies that such Fund shall be managed by the FDIC and shall be separately maintained and not commingled. Transfers to such Fund the reserves and assets, debts, obligations, contracts, and other liabilities of the FSLIC existing on the date of the dissolution of the FSLIC. Outlines the Fund's funding sources. Provides for additional funding by the Secretary of the Treasury from appropriated funds in the event such funding sources are insufficient. Limits any judgment resulting from a civil action against the FSLIC or the FDIC to the assets of such Fund. Dissolves such Fund upon the satisfaction of all debts and liabilities and the sale of all assets acquired in case resolutions. Requires that any funds remaining in such Fund be covered into the Treasury.

Requires that any funds held in either the BIF or the SAIF must be invested in U.S. Government obligations or in obligations guaranteed by the U.S. Government.

Allows the FDIC to request a 60-day stay of any legal proceedings to which it becomes a party due to its acquisition of any asset or in the exercise of certain authorities.

Requires the FDIC, in determining whether to provide assistance to financial institutions, to consider: (1) the immediate and long-term obligations of the FDIC with respect to such assistance; and (2) the Federal tax revenues which would be foregone.

Provides that transfers of assets or liabilities associated with any trust business may be effected by the FDIC in connection with any asset purchase transaction without any further State or Federal approval.

Revises provisions relating to certain agreements against the interests of the FDIC.

Specifies that the Board of Directors of the FDIC may act by a 75 percent vote (current law requires a unanimous vote) in order to override a State's objection to an assisted interstate acquisition of an insured financial institution in default having $500,000,000 or more in assets.

Cites conditions which the Resolution Trust Corporation must consider when determining whether to provide monetary assistance upon the request of an SAIF member.

Increases the borrowing authority of the FDIC from $3,000,000,000 to $5,000,000,000. Makes such borrowing authority subject to the approval of the Secretary of the Treasury.

Limits any State or local tax to which the FDIC may be subjected when acting as a receiver or conservator of a financial institution.

Limits the borrowing of both the BIF and the SAIF to the extent such liability reduces the fund's net worth to less than ten percent of assets.

Requires the FDIC to report to the President and the Congress annually regarding its operations, activities, budget, receipts, and expenditures. (Current law requires an annual report regarding only the FDIC's operations.) Requires the FDIC to make quarterly reports to the Secretary of the Treasury with respect to the FDIC's financial operating plans and forecasts.

Makes all insured financial institutions subject to the Bank Merger Act. Makes the Office of Thrift Supervision the responsible agency with respect to mergers where the acquiring, assuming, or resulting institution is to be a savings association.

Requires any insured savings association which establishes or controls a new company or elects to conduct any new activity to notify the FDIC and the DOTS.

Grants the FDIC and DOTS certain enforcement powers with respect to any company controlled by an insured savings association. Authorizes the FDIC to determine activities which are incompatible with deposit insurance. Prohibits State savings associations from engaging in any activity unless permitted by the FDIC.

Revises the statement of the policy of nondiscrimination against State nonmember banks under the Federal Deposit Insurance Act to include State savings associations.

Prohibits a troubled financial institution (one which has not met its minimum capital standards) from increasing its deposit accounts through the services of a deposit broker (unless the FDIC determines that such deposit does not constitute an unsafe or unsound practice).

Establishes the Savings Association Insurance Fund Industry Advisory Committee to advise on business conditions and regulatory matters affecting SAIF members. Terminates the Committee ten years after enactment of this Act.

Title III: Savings Associations - Amends the Home Owner's Loan Act of 1933 to establish the Office of Thrift Supervision in the Department of the Treasury. Establishes the position of the Director of the Office of Thrift Supervision, subject to the general oversight of the Secretary of the Treasury. Declares that the Chairman of the Federal Home Loan Bank Board on the date of enactment of this Act shall be the Director until such individual's term as Chairman would have expired. Outlines the duties of the Office with respect to the examination, supervision, and regulation of Federal savings associations. States that such authorities are intended to encourage such associations to maintain their role of providing credit for housing in a manner consistent with principles of safe and sound operation.

Requires the DOTS to prescribe accounting and disclosure standards for savings associations. Provides that such standards shall incorporate generally accepted accounting principles to the same degree such principles are used to determine compliance with the rules and regulations of other Federal banking agencies. Requires that the rules, regulations, and policies of the DOTS and FDIC governing the operation of savings associations shall be no less stringent than those of the Comptroller of the Currency for national banks.

Prohibits savings associations from participating in lotteries and related activities. Exempts from such proscription the performance of services for any State operating a lottery.

Requires approval of the DOTS before a savings association may issue securities or guarantee definite maturity dates for them.

Revises the Guidelines for savings associations regarding their commercial lending practices and demand accounts. Includes among the grounds for a DOTS appointment of a receiver for an association: (1) substantially insufficient capital; and (2) an inability to pay debts or obligations on a timely basis. Cites circumstances under which the DOTS may appoint a conservator or receiver of an insured State savings association in coordination with the appropriate State officials.

Authorizes stock to mutual conversions by savings associations subject to the approval of the DOTS.

Requires the DOTS to establish for all savings associations capital standards that are no less stringent than those applied to national banks.

Requires such standards to include risk-based capital standards.

Mandates that such capital standards require savings associations to maintain a three percent ratio of core capital to assets. Permits the inclusion of purchased mortgage servicing rights in the calculation of capitalization standards. Permits certain supervisory goodwill to be included in calculating core capital if certain conditions of financial soundness are met. Amortizes certain supervisory goodwill over a five-year period. Deducts from a savings association's capital (for purposes of capital standards compliance) its investment in, and loans to, any subsidiary engaged in activities that are impermissible for a national bank (except for mortgage banking activities).

Authorizes the DOTS to: (1) restrict (before a certain date) or prohibit (after that date) the asset growth of a savings association which is not in compliance with capital standards; and (2) require such association to submit an acceptable business plan.

Requires every insured savings association to maintain a liquid asset account according to standards set by the DOTS.

Provides that the expense of the examination of savings associations or their affiliates shall be assessed upon savings associations in proportion to their assets or resources. Specifies procedures for making such assessments and remedies in cases where an affiliate refuses to pay examination costs, permit examination, or provide required information.

Revises the guidelines under which savings and loan holding companies may control and acquire savings associations. Sets forth additional criteria for the qualified thrift lender test.

Makes applicable to savings associations certain provisions of the Federal Reserve Act relating to transactions with affiliates and loans and extensions of credit to directors and controlling persons.

Prohibits any savings association from carrying on any sale, plan, or practices or any advertising in violation of regulations promulgated by the DOTS.

Amends the Home Owner's Loan Act to revise the guidelines for the qualified thrift lender test. Sets forth transitional rules for: (1) certain transactions with affiliates; and (2) the retention of certain loans and investments.

Subjects the Office of Thrift Supervision to the audit authority of the General Accounting Office (GAO). Prohibits the Secretary of the Treasury from merging or consolidating the Office of Thrift Supervision with either the Office of the Comptroller of the Currency or the Comptroller of the Currency. Requires the Secretary of the Treasury to consult with the DOTS and the FDIC regarding the preservation of minority ownership of financial institutions.

Title IV: Transfer of Functions, Personnel, and Property - Terminates the Federal Savings and Loan Insurance Corporation (FSLIC) after the enactment of this Act. Abolishes the Federal Home Loan Bank Board (FHLBB). Retains the position of Chairman of such Board solely to wind up the affairs of the FSLIC and the FHLBB.

Provides for the continuation and enforcement of all rules, regulations, and orders of the FSLIC and FHLBB. Provides for the transfer of the personnel and property of the FSLIC to the FDIC, the DOTS, the Federal Housing Finance Board, and the Resolution Trust Corporation. Requires the FHLBB Chairman to submit a final accounting of FSLIC finances and operations to the Secretary of the Treasury, the Office of Management and Budget, and the Congress within a 60-day deadline.

Title V: Financing For Thrift Resolutions - Subtitle A: Oversight Board and Resolution Trust Corporation - Establishes the Oversight Board to oversee and be accountable for the Resolution Trust Corporation, and to develop a strategic plan for conducting the Corporation's activities. Requires such plan to be submitted to the Congress before 1990. Terminates the Board within 60 days after it has fulfilled its responsibilities.

Establishes the Resolution Trust Corporation (RTC) to: (1) carry out a program to manage and resolve cases involving institutions insured by the FSLIC for which a receiver or conservator has been appointed or is appointed within three years following the enactment of this Act; and (2) manage the assets of the Federal Asset Disposition Association (FADA). Provides that the RTC shall have the same case resolution and financial assistance rights and powers as the FDIC. Specifies that the RTC shall not have the authority to obligate the FDIC or its funds and that it shall be subject to the same limitations as the FDIC in connection with providing assistance to, or liquidating or otherwise resolving cases involving insured institutions.

Establishes the RTC as the successor to FSLIC conservatorship and receivership functions. Directs the RTC to review all insolvent institution cases resolved by the FSLIC between January 1, 1988, and the date of enactment of this Act in order to determine whether it can reduce costs under existing FSLIC agreements relating to such cases. Authorizes the RTC to renegotiate, modify, or restructure such agreements.

Requires the RTC to establish a Real Estate Asset Division (READ) to: (1) oversee the disposition of real property assets by entities or institutions under its purview; and (2) publish an inventory of such assets.

Sets guidelines for RTC disposition of rental properties to provide homeownership and rental housing opportunities for lower-income families. Directs the Secretaries of Agriculture and of Housing and Urban Development to expedite financial assistance procedures for such program.

Directs the Oversight Board to establish a national advisory board and at least six regional advisory boards to advise it and the RTC, respectively, about the disposition of real property assets of certain institutions under RTC conservatorship or receivership.

Provides that any guarantees issued by the FSLIC after January 1, 1989, and before the enactment of this Act shall be assumed by the RTC.

Authorizes the Oversight Board to remove the FDIC from its position as exclusive manager of the RTC under specified extraordinary circumstances.

Requires the RTC to terminate by December 31, 1996, and establishes the FDIC as successor to RTC conservatorships or receiverships. Provides that upon RTC termination all its assets and liabilities shall be transferred to the FSLIC Resolution Fund. Sets forth conflict-of-interest guidelines.

Directs the Comptroller General to examine and monitor all insolvent institution cases resolved by the FSLIC and to report their estimated costs to the Congress.

Subtitle B: Resolution Funding Corporation - Amends the Federal Home Loan Bank Act to establish the Resolution Funding Corporation (REFCorp) (under the regulation of the Oversight Board) to provide funds for the Resolution Trust Corporation. Sets forth capitalization guidelines. Requires the Oversight Board to report annually to the President and the Congress regarding REFCorp's activities. Terminates REFCorp after the maturity and full payment of all obligations issued by it. Mandates an annual REFCorp audit by the Comptroller General.

Grants the Financing Corporation new assessment authority against SAIF members in the same manner as exercised by the FDIC, with the approval of the FDIC Board of Directors. Prescribes the funding sources to be used by the Financing Corporation to make interest payments on obligations.

Title VI: Thrift Acquisition Enhancement Provisions - Amends the Bank Holding Company Act of 1956 to allow bank holding companies to acquire any savings association with the approval of the Federal Reserve Board. Prohibits the Federal Reserve Board from imposing any restrictions on transactions between a savings association and its holding company affiliates other than those restrictions presently imposed under the Federal Reserve Act ("Tandem restrictions").

Amends the Bank Holding Company Act of 1956 to cite additional circumstances in which certain companies with passive investments in grandfathered banks shall lose their exemption from treatment as non-bank holding companies.

Amends the Depository Institution Management Interlocks Act to prescribe guidelines under which savings and loan holding companies may purchase a minority stock interest in undercapitalized savings associations.

Title VII: Federal Home Loan Bank System Reforms - Subtitle A: Federal Home Loan Bank Act Amendments - Amends the Federal Home Loan Bank Act to establish the Federal Housing Finance Board as an independent agency in the executive branch to supervise the Federal home loan banks. Outlines the Board's responsibilities and subjects it to an audit by the Comptroller General. Establishes an Office of Inspector General for the Board.

Abolishes the Federal Home Loan Bank Board (FHLBB).

Repeals the limitation placed on: (1) the lawful contract interest rate receivable by Federal Home Loan Bank member and non-member borrowers; and (2) the interest rate payable on demand accounts by financial institutions under the Federal Home Loan Bank Board's jurisdiction.

Mandates that a specified number of Board-appointed Federal home loan bank directors be chosen from certain consumer and community activist organizations. Prohibits directors of any Federal home loan bank from serving as officers of any such bank, or from holding any interest in any Federal home loan bank members.

Authorizes Federal home loan banks to make loans to the FDIC for the use of the SAIF. Makes such loans a direct liability of the SAIF.

Authorizes the Federal Housing Finance Board to assess Federal home loan banks semiannually to provide for payment of the Board's estimated expenses.

Mandates that each Federal home loan bank: (1) establish a Community Investment Program and an Affordable Housing Program to promote community-oriented mortgage lending and long-term low- and moderate-income housing at subsidized interest rates; and (2) establish an Advisory Council to advise it on low- and moderate-income housing needs.

Requires annual status reports to the Congress regarding such housing programs.

Sets forth transfer procedures for Federal Home Loan Bank employees.

Subtitle B: Federal Home Loan Mortgage Corporations - Amends the Federal Home Loan Mortgage Corporation Act to declare that the purpose of the Federal Home Loan Mortgage Corporation (FHLMC) is to: (1) provide stability in the secondary home mortgage market; (2) respond to the private capital market; and (3) provide increased liquidity of mortgage investments and expedited distribution of home mortgage financing investment capital. Modifies the structure of the Board of Directors and establishes an interim Board of Directors for a designated period. Confers general regulatory power over the Corporation upon the Secretary of Housing and Urban Development. Authorizes such Secretary to require that a portion of the corporation's mortgage purchases be related to the national goal of providing low- and moderate-income housing with reasonable economic return to the Corporation. Outlines Corporation operations. Subjects Corporation mortgage transactions to a GAO audit.

Subtitle C: Technical and Conforming Amendments - Sets forth technical and conforming amendments to related statutes.

Title VIII: Bank Conservation Act Amendments - Amends the Bank Conservation Act to prescribe guidelines authorizing the Comptroller of the Currency to appoint conservators for banks, including the appointment of the FDIC as conservator.

Title IX: Regulatory Enforcement Authority and Criminal Enhancements - Subtitle A: Expanded Enforcement Powers, Increased Penalties, and Improved Accountability - Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to define the personnel liable for civil and criminal penalties for participating with knowing or reckless disregard with respect to: (1) any violation of any law or regulation; (2) any breach of fiduciary duty; or (3) any unsafe or unsound practice likely to cause an adverse effect upon an insured depository institution. Enhances the enforcement powers of banking regulatory agencies to include the authority to: (1) require restitution, reimbursement, indemnification, or guarantee against loss; (2) restrict the institution's growth; (3) dispose of any loan or asset; (4) rescind agreements or contracts; (5) require the employment of qualified personnel; (6) place restrictions upon an institution's activities; (7) apply enforcement actions to savings and loan affiliates and entities; (8) issue temporary orders with respect to incomplete or inaccurate recordkeeping by an insured financial institution; and (9) remove or prohibit certain personnel from engaging in banking activities on an industrywide basis. Sets forth a limitations period for enforcement proceedings against such personnel after separation from banking service. Establishes a tiered schedule of increased civil money penalties for violations by insured financial institutions or their personnel. Establishes a criminal penalty for participation in the affairs of either a bank holding company or a savings and loan holding company by individuals who are prohibited from engaging in the affairs of a financial institution. Increases the civil penalties for non-compliance with reporting requirements.

Authorizes the FDIC to take enforcement actions against savings associations if the DOTS has failed to take such action after being requested by the FDIC.

Requires banking regulatory agencies to publicly disclose final enforcement orders (or modifications thereof).

Requires insured depository institutions (including depository institution holding companies) to notify bank regulatory agencies before appointing senior executive personnel. Authorizes agencies to disapprove such appointments.

Requires Federal banking agencies and the National Credit Union Administration to report to the Congress the findings of a joint task force feasibility study regarding the delegation of investigation and enforcement authority to regional or district offices.

Requires annual agency reports to the Congress on all enforcement actions.

Amends the Federal Credit Union Act to mandate an outside, independent audit of insured credit unions experiencing certain deficiencies.

Subtitle B: Termination of Deposit Insurance - Amends the Federal Deposit Insurance Act to revise termination procedures for FDIC deposit insurance, and to authorize the temporary suspension of such insurance if the capital assets of an insured depository institution are determined to be deficient by the FDIC.

Sets forth special rules for savings associations under which goodwill must be included in the determination of tangible capital to the extent that it is considered a component of capital under the Home Owner's Loan Act.

Subtitle C: Improving Early Detection of Misconduct and Encouraging Informants - Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to mandate that insured depository institutions furnish independent auditors with specified information. Provides employment protection for financial institution employees who report banking violations to the appropriate authorities. Authorizes such employees to file a wrongful discharge action in Federal district court and to seek employment protection remedies.

Subtitle D: Right to Financial Privacy Act - Amends the Right to Financial Privacy Act to specify that the exceptions to the requirements of such Act apply to supervisory agencies of any financial institution, holding company, or any subsidiary of a financial institution or holding company. Specifies that such exceptions extend to: (1) any supervisory agency of financial records or information in the exercise of its supervisory regulatory or monetary functions, including conservatorship or receivership functions; (2) the Federal Reserve or any Federal Reserve bank in the exercise of its authority to extend credit to depository institutions and others; and (3) the RTC in the exercise of its conservatorship, receivership, or liquidation functions.

Prohibits a financial institution which has been served a grand jury subpoena relating to possible crimes against financial institutions or regulatory agencies from notifying any person named in the subpoena about the existence or contents of any subpoena or any information that has been furnished to the grand jury in response to that subpoena. Authorizes the Securities and Exchange Commission to exchange customer record information with banking regulatory agencies.

Subtitle E: Civil Penalties for Violations Involving Financial Institutions - Establishes maximum civil penalties for specified violations involving financial institutions. Requires the Attorney General to establish the right to recovery by a preponderance of the evidence.

Subtitle F: Criminal Law and Procedure - Amends the Federal criminal code to increase the criminal penalties for specified criminal offenses affecting financial institutions. Increases the statute of limitations pertaining to such crimes from five years to ten years. Directs the U.S. Sentencing Commission to promulgate guidelines for a substantial period of incarceration for violations that substantially jeopardize a federally insured financial institution. Establishes a criminal penalty for the disclosure by financial institution personnel to their customers that they are targets of a grand jury records subpoena if the intent of such disclosure is the obstruction of justice.

Provides for civil forfeiture and criminal forfeiture of any property derived from proceeds traceable to specified crimes affecting federally insured financial institutions.

Amends the Federal criminal code to allow the disclosure of certain matters occurring before a grand jury to certain Government attorneys to assist in the enforcement of Federal criminal or civil law and this Act. Allows certain other disclosures when permitted by a court.

Directs the Department of Justice to create regional offices of its Fraud Section in specified locations in Texas. Requires the Comptroller General to report to the Congress on the need for additional regional offices.

Authorizes appropriations for: (1) the Department of Justice to investigate and prosecute financial institution-related offenses; and (2) the Federal courts systems to process the caseload generated by this Act.

Title X: Studies of Federal Deposit Insurance, Banking Services, and the Safety and Soundness of Government-Sponsored Enterprises - Requires the Secretary of the Treasury to study and report to the Congress on the Federal deposit insurance system.

Requires the Board of Governors of the Federal Reserve System to report annually to the Congress the results of an annual survey of retail banking services by insured financial institutions and the fees charged for them.

Requires the Comptroller General to report to the Congress the results of a study of: (1) certain deposit insurance issues; and (2) the risks undertaken by all government-sponsored enterprises and the appropriate capital requirements for such enterprises.

Title XI: Real Estate Appraisal Reform Amendments - Amends the Federal Financial Institutions Examination Council Act of 1978 to establish the Appraisal Subcommittee to monitor: (1) State and Federal certification and licensing of appraisers involved in federally related transactions; and (2) the procedures and activities of the Appraisal Foundation. Requires the Subcommittee to submit an annual status report to the Congress and to maintain a national registry of State licensed appraisers eligible to perform appraisals in federally related transactions. Mandates that each State whose appraiser certification and licensing program complies with this Act transmit to such Subcommittee an annual roster of appraisers eligible to conduct federally-related transactions. Sets forth a time frame within which each Federal financial institutions regulatory agency and the Resolution Trust Corporation must prescribe real estate appraisal criteria for federally-related transactions under their jurisdiction. Establishes a civil penalty for financial institutions and specified Federal entities that knowingly obtain appraisal services for a federally-related transaction from a person who is neither State certified nor licensed.

Directs the appraisal Subcommittee to report to the Congress the results of studies regarding: (1) the sufficiency of real estate data to permit appraisers to estimate property values properly in federally-related transactions; and (2) the feasibility of extending the appraisal provisions of this Act to personal property in connection with Federal financial and public policy interests.

Title XII: Miscellaneous Provisions - Requires the Comptroller General to report to the Congress the results of a study regarding the structure and condition of the credit union system. Directs the Secretary of the Treasury to report to the Congress regarding methods for increasing the use of minority banks, women's banks and limited income credit unions as depositories or financial agents of Federal agencies.

Establishes the Credit Standards Advisory Committee to review and monitor: (1) the credit standards and lending practices of insured depository institutions; and (2) the supervision of such standards and practices by Federal financial regulators. Requires the Committee to report annually to certain congressional committees regarding its activities and its recommendations to Federal financial regulators.

Directs the Secretary of the Treasury to report to the Congress the results of a study regarding the manner in which Resolution Funding Corporation bonds and other U.S. Government securities may benefit small investors and increase their participation in U.S. securities offerings.

Amends the Home Mortgage Disclosure Act of 1975 to mandate that the itemization of loan data include the number and dollar amount of mortgage loans involving mortgagors or mortgage applicants grouped according to income level, racial characteristics, and gender.

Amends the Community Reinvestment Act of 1977 to mandate that each Federal depository institution regulatory agency, upon concluding its examination of an insured depository institution, evaluate the institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods. Requires such evaluations to contain public and confidential sections. Subjects all entities and persons performing functions under this Act, with specified exceptions, to the Comptroller General's auditing powers.

Requires each appropriate Federal banking agency to establish uniform accounting standards to be used for determining the capital ratios of all federally insured depository institutions, and to report annually to certain congressional committees regarding any discrepancies between the capital standards used by Federal regulatory banking agencies.

Applies Federal equal employment opportunity law to all Federal depository institution regulatory agencies.

Amends the Federal Credit Union Act to establish guidelines under which the National Credit Union Administration Board shall exercise its powers as successor conservator or liquidating agent of an insolvent credit union.

Amends the Federal Financial Institutions Examination Council Act to direct the Financial Institutions Examination Council to: (1) develop and administer risk management training seminars; and (2) report to the Congress the results of a feasibility study regarding the establishment of a formalized risk management training program designed to lead to the certification of Risk Management Analysts.

Amends the Bank Holding Company Act of 1956 regarding cross-marketing restrictions to permit an affiliate of a grandfathered nonbank bank to cross-market its products and services with those of the bank if the Federal Reserve Board has determined that the affiliate's products and services are permissible.

Mandates that specified agencies report to the Congress regarding loan discrimination practices.

Title XIII: Participation by State Housing Finance Authorities and Nonprofit Entities - Authorizes State Housing Finance Authorities and certain non-profit entities to purchase mortgage-related assets from the Resolution Trust Corporation, or from institutions for which the FDIC is acting as conservator or receiver. Requires the net income attributable to the ownership of such assets to be invested in low- and moderate-income housing activities.

Title XIV: Tax Provisions - Amends the Internal Revenue Code to move up the repeal date of certain tax rules for troubled financial institutions from December 31, 1989, to May 10, 1989.

Directs the Secretary of the Treasury to promulgate regulations with respect to the tax treatment of financial institutions receiving Federal financial assistance.

Exempts the Resolution Trust Corporation and the Resolution Funding Corporation from Federal income tax liability.

Directs the Secretary of the Treasury to report annually to certain congressional committees on: (1) transactions in which Federal financial assistance is provided; and (2) the results of a study of the financial soundness of the activities of all Government-sponsored enterprises and the impact of their operations upon Federal borrowing.