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closing of hundreds of problem savings associations. See United
States v. Winstar Corp., supra at 845-846; Great W. Bank v.
Office of Thrift Supervision, supra at 1423.
The Federal Home Loan Bank Board (Bank Board) was an
independent agency in the Executive Branch of the United States
with broad discretionary powers over the Federal home loan bank
system. In 1985, the Bank Board attempted to replenish the FSLIC
insurance fund by raising the insurance premiums charged to the
FSLIC-insured institutions through a "special assessment" at the
maximum amount allowed by Congress. As a result, many healthy
FSLIC-insured savings associations, which paid insurance premiums
of approximately $2.08 per $1,000 of insured deposits, took the
steps necessary to meet the requirements to withdraw from the
FSLIC insurance system and obtain insurance from the FDIC, which
charged insurance premiums of only $.83 per $1,000 of insured
deposits. See Great Western Bank v. Office of Thrift
Supervision, supra at 1423-1424.
Congress responded to the savings associations’ attempt to
change their insurer from the FSLIC to the FDIC by passing the
Competitive Equality Banking Act of 1987 (CEBA), Pub. L. 100-86,
101 Stat. 552. In relevant part, CEBA: (1) Imposed a moratorium
that prohibited savings associations from leaving the FSLIC
insurance fund and (2) imposed a final insurance premium on
savings associations which left the FSLIC insurance fund after
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