§401 FSLIC AND FEDERAL HOME LOAN BANK BOARD ABOLISHED.

Summary

It ends the Federal Savings and Loan Insurance Corporation on August 9, 1989, and ends the Federal Home Loan Bank Board and its Chairman 60 days after that date. During those 60 days, the Chairman must wind up the two agencies’ affairs. He must manage employees and pay their earned pay and benefits until those employees are transferred. He must manage the agencies’ property until it is moved. He may take other needed steps to close out operations. The Chairman keeps whatever authority he needs to do this. He is treated as a U.S. officer and is paid at the Executive Schedule level III rate. He gets no extra pay for being named Director of the Office of Thrift Supervision during the 60 days. Costs to wind up are paid from the FSLIC Resolution Fund, and the FDIC will release funds to the Chairman if asked. Other Board or FSLIC funds may not be used. Agencies that take employees or property must reimburse the FSLIC Resolution Fund. The Office of Thrift Supervision, the Resolution Trust Corporation Oversight Board, the FDIC, the Federal Housing Finance Board, and other federal agencies may use FSLIC or Board staff and property to help with the transfers if they pay back the fund. Existing rights, duties, orders, regulations, and court cases that existed before August 9, 1989 remain valid, and appropriate successors replace the abolished agencies in any legal actions. Before the 60 days end, the OTS Director and the FDIC Chair must identify rules on conservatorships and receiverships and publish that list in the Federal Register.