- 14 -
the moratorium expired. See CEBA sec. 306(h), 101 Stat. 602,
amended by Pub. L. 100-378, sec. 10, 102 Stat. 887, 889 (1988),
current version at 12 U.S.C. sec. 1730(d)(1) (1994). The intent
of CEBA was to recapitalize the depleted FSLIC. See Branch
Banking & Trust Co. v. FDIC, 172 F.3d 317, 320 (4th Cir. 1999).
CEBA proved to be ineffective in replenishing the FSLIC’s
insurance funds, and, on August 9, 1989, Congress enacted the
Financial Institutions Reform, Recovery and Enforcement Act of
1989 (FIRREA), Pub. L. 101-73, 103 Stat. 183, as an emergency
measure to prevent the collapse of the savings association
industry. See H. Rept. 101-54(I) at 307 (1989); see also H.
Conf. Rept. 101-222 at 393 (1989); United States v. Winstar
Corp., supra at 856. In relevant part, FIRREA abolished the
FSLIC, transferred to the FDIC the responsibility of insuring the
deposits at savings associations, and established the BIF and the
SAIF. FIRREA gave the FDIC responsibility for regulating both
the insurance fund it had traditionally administered (now known
as the BIF) and the insurance fund formerly regulated by the
FSLIC (now known as the SAIF). See FIRREA secs. 202, 215, 103
Stat. 188, 252. FIRREA imposed on SAIF (as opposed to BIF)
participants higher deposit premiums and a higher degree of
supervision in an attempt to ensure the SAIF’s strength. See
generally 12 U.S.C. sec. 1817 (1994).
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