To extend the statute of limitations applicable to civil actions brought by the Federal conservator or receiver of a failed depository institution.

Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to extend from three years to six years the statute of limitations applicable to civil actions for negligence and fraud on the part of the personnel of insured depository institutions.

Provides for a preservation of claims period if an institution or its predecessors could have brought an action on the claim at any time within the six-year period before the appointment of a Federal conservator or receiver.