Financial Institutions Reform, Recovery, and Enforcement Act is the U.S. law passed in 1989, that authorized banks holding companies to acquire healthy savings and loan associations and restructured the FDIC, dividing its insurance fund into a Bank Insurance Fund (BIF) to cover U.S. commercial bank deposits and a Savings Associations Insurance Fund (SAIF) to insure the deposits of U.S. based sayings and loan associations.
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