Taxpayer Protection Deposit Insurance Reform and Regulatory Relief Act of 1992

Taxpayer Protection, Deposit Insurance Reform, and Regulatory Relief Act of 1992 - Title I: 100 Percent Cross-Guarantees - Subtitle A: Definitions - Sets forth definitions relating to depository institutions, non-depository guarantors, affiliates, financial terms, and funds.

Subtitle B: Cross-Guarantee Process - Sets forth a cross-guarantee mechanism whose purpose is to: (1) protect the full amount of deposits by prohibiting depository institutions from operating without a cross-guarantee contract issued by syndicates of guarantors; (2) charge risk-sensitive premiums for the guarantees provided; (3) establish a self-regulating system with stop-loss mechanisms; and (4) regulate the cross-guarantee marketplace only to the extent of maintaining its soundness and viability (but not the solvency of any individual depository institution regardless of its size).

Includes a stop-loss limit for losses of a guaranteed party as a direct guarantor of other guaranteed parties. Requires the cross-guarantor's contract obligations to be independent of the obligations of any other party under the contract.

Prohibits direct guarantors under any cross-guarantee or stop-loss contract from obtaining collateral for cross-guarantee obligations. Sets forth the requirements for: (1) cross-guarantee contracts; (2) stop-loss contracts; (3) direct guarantors; and (4) cross-guarantee and stop-loss syndicates.

Declares that any action arising under a cross-guarantee or stop-loss contract shall be deemed to arise under Federal law. Confers original jurisdiction upon the Federal courts for any action arising under such contracts.

Subtitle C: Powers and Duties of the FDIC - Grants the Federal Deposit Insurance Corporation (FDIC) exclusive enforcement, regulatory, and approval authority over the cross-guarantee process. Outlines the FDIC approval process for cross-guarantee and stop-loss contracts.

Requires the FDIC to provide for the incorporation of a stock, for-profit corporation to establish and maintain a central electronic repository for: cross-guarantee, stop-loss, and group cross-guarantee syndicate contracts. Mandates that the repository files be directly accessible to any direct guarantor, guaranteed party, syndicate agent, and other eligible persons. Precludes any cross-guarantee or stop-loss contract from taking effect until it is in such repository file.

Vests management authority for the repository in a board of directors.

Prohibits closed loop situations (i.e., a group of institutions guarantee each other without sharing such risk with outside guarantors).

Requires syndicate agents under a cross guarantee contract to submit periodic status reports to the FDIC regarding guaranteed depository institutions. Cites conditions under which the FDIC must appoint itself conservator or receiver for a depository institution guaranteed under a cross-guarantee contract.

Establishes an FDIC- administered cross-guarantee backup fund to pay for: (1) the administrative expenses incurred in regulating the cross-guarantee system and providing deposit insurance; and (2) any loss incurred by a depositor in connection with an insured deposit at a depository institution. States that deposits in any guaranteed depository institution shall be insured against loss to the same extent as deposits are insured against loss by the FDIC (as in effect before the date of enactment of this Act) if the FDIC cannot recover adequate funds to pay for any loss due to the appointment or receiver under this Act.

Subtitle D: Miscellaneous Provisions - Requires the FDIC to: (1) ensure that all deposit-taking institutions, with specified exceptions, become guaranteed under a cross-guarantee contract; and (2) establish the Cross-Guarantee Advisory Committee to advise the FDIC Board of Directors regarding the operation and regulation of the cross-guarantee process.

Declares that no collateral is required for lending by any Federal Reserve Bank to a guaranteed company. Requires the Board of Governors of the Federal Reserve System to submit annual status reports to certain congressional committees regarding losses incurred as a result of lending within the cross-guarantee system.

Permits a cross-guarantee company or banking office to advertise that deposits and certain other liabilities under an FDIC-approved cross-guarantee contract are fully guaranteed against loss.

Subtitle E: Transition to 100 Percent Cross-Guarantee Process - Sets forth a conversion schedule to implement an eight-year transition period for the cross-guarantee system, which shall become effective when a specified minimum number of FDIC-approved cross-guarantee contracts and total assets are approved. Requires the FDIC immediately to appoint a conservator or receiver for any depository institution which has not complied with such schedule.

Prescribes guidelines for severance pay and related benefits for former State and Federal banking agency employees.

Title II: Amendments to Other Laws - Amends Federal banking laws to conform with the provisions of this Act, including amendments relating to: (1) national banks; (2) Federal Reserve System member banks; (3) savings associations; (4) savings and loan holding companies; (5) the FDIC; and (6) Federal bankruptcy law.