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On the December 29, 1995, the new RTC is combined to the FDIC, and the FDIC turned responsible for fixing failed thrifts. Supervision of thrifts turned the duty away from a new company, work out of Thrift Oversight (borrowing unions remained insured because of the National Borrowing Relationship Government). The key legislative responses to the drama had been the brand new Loan providers Change, Recuperation and you can Administration Operate away from 1989 (FIRREA), and also the Government Deposit Insurance Business Upgrade Operate away from 1991 (FDICIA).
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