Federal Savings and Loan Insurance Corporation (Fslic)

Federal agency established in 1934 to insure deposits in member savings institutions. In 1989, Congress passed savings and loan bailout legislation revamping the regulatory structure of the industry. FSLIC was disbanded and its insurance activities were assumed by a new agency, Savings Association Insurance Fund (SAIF), a unit of the Federal Deposit Insurance Corporation (FDIC). Responsibility for insolvent institutions previously under FSLIC's jurisdiction was assumed by another newly created agency, Resolution Funding Corporation (REFCORP). See also Office of Thrift Supervision (OTS).