Back in 2009, when the current bank failure litigation wave was in its very earliest stages, I noted that in its preliminary efforts to lay the groundwork to pursue failed bank litigation, the FDIC had resurrected FIRREA, a statutory vestige from the S&L crisis in the late 80s and early 90s that had in the intervening time largely gone dormant. Though the FDIC’s reliance on Financial Institutions Reform, Recovery and Enforcement Act of 1989 in connection with the failed bank litigation is hardly surprising, what has been surprising has been the use that other regulators and prosecutors are now making of the statute.
via Regulatory Enforcement: Using FIRREA to Prosecute Financial Fraud — The D & O Diary
