FIRREA

Question 1

What does FIRREA stand for?

Answer 1

Financial Institution Reform, Recovery and Enforcement Act of 1989

Question 2

Tiers of penalties:

• $_____ per violation per day
• $_____ per violation per day if reckless or pattern of misconduct that causes more than a minimal loss to the bank.
• $_____ per violation per day if knowingly committed and knowingly or recklessly cause a substantial loss to the bank or a substantial benefit to the party

Answer 2

$7,500
$37,500
$1,425,000

Question 3

What does FIRREA not apply to?

Answer 3

CRA