Comprehensive Thrift Act

ON NOVEMBER 29, 1990, President George H. W. Bush signed the Crime Control Act of 1990 into law. It was a series of acts designed to reduce crime in a variety of ways. One particular provision, Title XXV of the Crime Control Act, which is better known as the Comprehensive Thrift Act and Bank Fraud Prosecution and Taxpayer Recovery Act of 1990, deals with the prevention of financial misconduct by banking institutions.

Proposed by Senator Joe Biden (D-D) and cosponsored by Senator Strom Thurmond (R-SC), Title XXV of the Crime Control Act greatly improved banking law enforcement to prevent and punish previous financial misconduct through a number of provisions, outlined into nine different subsections. Title XXV increases criminal penalties and allows for imprisonment if a banking ...