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protect peoples savings accounts
It provides deposit insurance which guarantees the safety of checking and savings deposits in member banks, currently up to $100,000 per depositor per bank.
Provident Institution for Savings in the Town of Boston was created in 1816.
The Federal Deposit Insurance Corporation(FDIC) in the 1930's.
The savings and loan crisis is documented in Wikipedia under "Savings and Loan Crisis." It lacks a clear beginning date, but if we take a time frame of 1980 to 1990, this would include Presidents Carter (leaving office in Jan 20, 1981), Reagan (leaving office in January 1989), and Bush, Sr. (leaving office in January 1993). By 1980, there were serious problems with the S+L's. Exactly when the problem rose to the level of a crisis is not easy to state, but the use of Federal money to bailout the industry (Resolution Trust Corporation) began in January 1, 1989, so technically Reagan was still President. Thus, it was the Bush administration that over saw much of the bailout by RTC. I believe it was still operating when Clinton came into office in Jan 1993.
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Yes it was.
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protect peoples savings accounts
NovaNET Answer: protect people's savings accounts.
Bankrupt means having no money. If someone has lost their job, has no other source of income, has no savings then he/she is considered bankrupt.
FIRREA stands for the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. It is a law in the United States that was enacted in response to the savings and loan crisis of the 1980s. FIRREA established various regulatory reforms and enforcement mechanisms to enhance the stability and integrity of the financial system, including the creation of the Office of Thrift Supervision and the Resolution Trust Corporation.
Philippine Savings Bank (PSBank) BPI Family Savings Bank RCBC Savings Bank, Inc. Planters Development Banco Filipino Savings and Mortgage Bank Producers Savings Bank Corporation Philippine Business Bank, Inc., A Savings Bank Robinsons Savings Bank Corporation First Consolidated Bank, Inc. (A Private Dev't. Bank) Citibank Savings, Inc.
Alterna Savings was created in 1908.
Island Savings was created in 1951.
Savings and loan institutions made risky loans and went bankrupt
Trustee Savings Bank (TSB) was created in 1810.