(5.) At that time, the Federal Home Loan Bank System consisted of 12 Banks (similar in charter and organization to the 12 Federal Reserve Banks), the
Federal Savings and Loan Insurance Corporation (similar to the FDIC), the Home Owners Loan Corporation, the Federal Home Loan Bank Board (analogous to the Federal Reserve Board) to oversee the System, and charter federal savings and loans (equivalent to the Office of the Comptroller of the Currency).
Credit extensions were secured by the assets of the borrower and guaranteed by the
Federal Savings and Loan Insurance Corporation. Lending under the program was slight--only two S&Ls in conservatorship borrowed--but the program offers another example of the cooperative action of federal banking authorities to avert potential systemic crises.
Just last year the Federal Home Loan Bank Board, which runs the
Federal Savings and Loan Insurance Corporation, closed ten S&Ls, seized another 25 S&Ls to install new boards of directors and managers, and assisted 22 others in merging with healthier institutions.
The costs at issue in Lincoln Savings consisted of payments made to a secondary reserve fund that the
Federal Savings and Loan Insurance Corporation maintained.
The Internal Revenue Service, in letter ruling 9252002, cleared up an arcane but persistent timing issue that has plagued savings and loans for several years: the deductibility of payments to a "secondary reserve" maintained by the
Federal Savings and Loan Insurance Corporation (FSLIC).
Loans under this arrangement will be secured by assets of the
Federal Savings and Loan Insurance Corporation (FSLIC) as well as those of the troubled institution.
Lincoln Savings involved the deductibility of premiums paid into a fund maintained by the
Federal Savings and Loan Insurance Corporation (FSLIC).
The
Federal Savings and Loan Insurance Corporation took over Western in 1986 and Vernon in 1987.
The acquisitions were accomplished through an assistance agreement with the
Federal Savings and Loan Insurance Corporation (FSLIC).
Mannino recalls a case in which he represented the
Federal Savings and Loan Insurance Corporation, which is now part of the Federal Deposit Insurance Corporation, against a CPA firm.
Previously, the
Federal Savings and Loan Insurance Corporation (FSLIC) had provided coverage for these programs on a per participant basis, but the FDIC had only insured them on a per plan basis.
The assets of many thrift institutions include notes and other obligations of the now defunct
Federal Savings and Loan Insurance Corporation (FSLIC).