Consumer Savings Protection Act of 1985

Consumer Savings Protection Act of 1985 - Prohibits a depository institution from accepting or holding any deposit beginning: (1) two years after enactment of this Act unless such institution obtains Federal deposit insurance; or (2) 90 days after enactment of this Act unless it has submitted an application for such insurance. Prohibits any entity which is chartered after enactment of this Act from accepting or holding any deposit unless such entity is federally insured.

Prohibits a Federal deposit insurance agency, when reviewing insurance applications of institutions, from applying more stringent standards to uninsured institutions than to insured institutions.

Provides for the enforcement of this Act by the Federal Deposit Insurance Corporation and the Federal Savings and Loan Insurance Corporation.

Expresses the sense of the Congress that each State should: (1) establish a contingency plan to protect the assets of depositors in uninsured institutions until such institutions become federally insured; (2) back any State or private insurance for such institutions during such interim period; and (3) negotiate with the Federal deposit insurance agencies to facilitate the transition to Federal insurance and to coordinate Federal and State action where an institution fails before becoming federally insured. Requires each Federal deposit insurance agency to enter into such negotiations at the request of the chief executive of any State or any State bank regulatory agency.