Federal Deposit Insurance Improvements Act of 1991

Federal Deposit Insurance Improvements Act of 1991 - Title I: Amendments to Federal Banking Acts - Subtitle A: Improvements - Federal Banking Agency Improvements Act of 1991 - Amends the Federal Deposit Insurance Act to specify the length of interim appointments to the Federal Deposit Insurance Corporation (FDIC) Board of Directors.

Revises conversion authority to authorize the FDIC to approve conversion transactions that affect insubstantial portions of the total deposits of each depository institution acquired as part of the conversion transaction.

Repeals the requirement that the FDIC notify other regulators 30 days before suspending deposit insurance in certain emergencies.

Grants priority (with certain exceptions) to claims brought by the FDIC against an insured depository institution or its personnel in any proceeding relating to other claims against such an institution or its officers or employees.

Repeals the exemption granted to certain State-chartered savings associations with respect to compliance with regulations of the Director of the Office of Thrift Supervision relating to subsidiaries.

Mandates that any depository institution (currently, any savings association) whose deposits are not FDIC-insured conspicuously state that its deposits are "not federally insured."

Amends the Federal Home Loan Bank Act to direct the Resolution Trust Corporation (RTC) to repeal: (1) the prohibition against selling property in certain distressed areas for less than 95 percent of its market value; (2) the requirement to sell certain residential property to low-income buyers, at below market value prices; and (3) the provision for a "net realizable market value" below market value.

Imposes criminal penalties upon certain institution-affiliated parties prohibited from participating in the affairs of depository institutions if such parties knowingly participate in any manner in the affairs of: (1) any appropriate Federal depository institution regulatory agency; or (2) the Federal Housing Finance Board and any Federal Home Loan Bank.

Amends Federal banking law to authorize the Comptroller of the Currency, without notice or prior hearing, to appoint a receiver to take possession and control of a national bank if it is in an unsafe or unsound condition, including having substantially insufficient capital. (Currently, the Comptroller may appoint a receiver only if the bank is insolvent or has violated the National Bank Act.)

Subtitle B: Asset Conservation and Deposit Insurance Protection - Asset Conservation and Deposit Insurance Protection Act of 1991 - Amends the Federal Deposit Insurance Act to limit the liability of an insured depository institution or mortgage lender with respect to Federal law imposing strict liability for the release (or threatened release) of a hazardous substance from property: (1) acquired through foreclosure; (2) held in a fiduciary capacity; or (3) held by a lessor or subject to financial control or oversight pursuant to the terms of a credit extension. Denies such limitation on liability to persons that caused or contributed to a release or failed to take reasonable steps to prevent a continued release. Grants immunity from such strict liability to: (1) Federal banking and lending agencies; and (2) the first subsequent purchaser of property from such Federal entities (except in certain circumstances). Exempts Federal banking and lending agencies from any law requiring them to grant convenants warranting remedial action.

Mandates that appropriate Federal financial institutions, regulatory agencies and the Secretary of Housing and Urban Development issue regulations requiring insured depository institutions and mortgage lenders, respectively, to develop and implement procedures to evaluate actual and potential environmental risks that may arise from property prior to making an extension of credit secured by such property.

Subtitle C: Amendments to Public Law 96-510 - Amends the Comprehensive Environmental Responses, Compensation, and Liability Act of 1980 with respect to parity of treatment for: (1) the States and Federal Government with respect to property acquired involuntarily; and (2) emergency response actions of a Federal banking or lending agency.

Title II: Clarifying Amendments to the Federal Deposit Insurance Act - Prohibits an insured depository institution from indemnifying its personnel (or other institution-related persons) for costs related to actions brought successfully by a Federal banking agency against such institution-related persons.

Grants the FDIC the same powers and rights over the assets and liabilities of the FSLIC Resolution Fund as it has over other jurisdictional matters under the Federal Deposit Insurance Act. Declares the FDIC to be the successor receiver or conservator to FSLIC wards.

States that if a consolidation or acquisition involves a savings association eligible for assistance and a bank (or bank holding company), the resulting entity (currently, the savings association) may retain and operate any existing branch or facilities.

Amends the Federal Home Loan Bank Act to provide that upon the filing of a pleading informing the court that the RTC has been appointed conservator or receiver for a party, the RTC shall be deemed substituted in any legal proceeding involving that party.

Title III: Technical Amendments to the Federal Deposit Insurance Act - Makes clerical amendments to the Federal Deposit Insurance Act.