Thrift Early Capital Attraction Plan Act of 1989

Thrift Early Capital Attraction Plan Act of 1989 - Amends the National Housing Act to allow savings and loan holding companies to purchase shares of qualified stock issued by undercapitalized insured institutions or holding companies. Provides that any interest acquired in connection with a qualified stock issuance shall not be treated as a controlling interest unless the purchasing savings and loan holding company owns or controls more than 25 percent of the voting shares of the issuing insured institution or holding company.

Provides that such a purchase must be approved in advance by the Federal Savings and Loan Insurance Corporation. Specifies approval procedures and factors.

Allows an officer or director of a purchasing savings and loan holding company to serve as a director, officer, or employee of an issuing insured institution or holding company. Makes conforming amendments to the Depository Institution Management Interlocks Act.