Universitv Dailv Kansan / Fridav. March 23, 1990
9
Judge's decision stops seizure of Illinois S&L
The Associated Press
A judge has barred federal regulators from seizing an Illinois thrift institution on grounds that the chief regulator had been unconstitutionally appointed.
tional challenges by naming a new thrift director acceptable to the Senate. The Treasury Department has recommended T. Timothy Ryan Jr., a former Labor Department
While the decision directly affects only the Olympic Federal Savings and Loan Office, it willed wmn. III, it could
Under the bailout law signed by President Bush on Aug. 9, Wail inherited his office automatically when the predecessor agency he headed, the Federal Home Loan Bank Board, was abolished.
The ruling calls into question the legality of the takeover of 137 thrifts since Aug. 9, not the 265 seized before that date.
The president can head off addi-
The ruling calls into question the legality of the takeover of 137 thrifts since Aug.9, not the 265 seized before that date.
Stanley Gish, RTC public affairs officer in Kansas City, Mo., said the ruling would affect Kansas and Missouri savings and loans only if owners of seized savings and loans chose to bring suits against the OTS as the Franklin Association had done.
Kansas reporter Chris Stinn con-
derail the government's nationwide savings and loan bailout.
Franklin Savings Association, an $11.4 billion savings and loan in Ottawa, mounted a similar challenge last week in federal court in Topeka.
Kansan reporter Chris Siron contributed information to this story.
U. S. District Judge Royce C. Lambert on Wednesday ordered the Treasury Department's Office of Thrift Supervision not to take charge of disassociation until a new chief regulator could be installed constitutionally.
Lamberthe said that both Salvatore R. Martoche, director of the OTS, and his immediate predecessor, M. Danny Wall, were appointed unconstitutionally.
"It certainly may affect us, but it will take a little longer to look at the ruling," she said. "We are taking a wait-and-see attitude."
Eugene M. Katz, chief counsel for the OTS, said the ruling would make it more difficult for the office to regulate and supervise the savings and loan industry. The OTS is filing its appeal on the grounds that there were legal errors in Lamberth's decision.
804 Massachusetts, Downtown Lawrence, 843-5000
official.
Nancy Schertzing, public affairs officer with the Resolution Trust Corporation, which manages seized savings and loans, said it was too early to determine how the decision should affect savings and loan regulators.
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