Financial Institutions Reform, Recovery, and Enforcement Act of 1989

After the savings and loans crisis of the 1980s, the U.S Congress passed FIRREA to enable financial regulators to levy penalties up to $5,000,000 for failure to comply with regulations. These penalties can be levied if a Financial institution fails to comply with the information privacy requirements contained in GLBA.

Link to text of law: Financial Institutions Reform, Recovery, and Enforcement Act of 1989

Acronym: FIRREA

Associated law(s): Gramm-Leach-Bliley Act

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