In the late 1980s, as the banking and thrift industries were experiencing economic circumstances unseen since the Great Depression, Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act.

Thus began the quicker-than-expected recovery of the banking and thrift industries and of deposit insurance funds administered by the Federal Deposit Insurance Corp. Responding to the "thrift crisis," Congress established the Resolution Trust Corp. to resolve failing and failed institutions, abolished the Federal Savings and Loan Insurance Corp., and placed the two deposit insurance refunds, the Bank Insurance Fund and Savings Association Insurance Fund, under the auspices of the FDIC.

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