GroundRules
12 CFR 340.3: What are the restrictions on the sale of assets by the FDIC if the buyer wants to finance the purchase with a loan from the FDIC?
Where this section sits in the code
- Title 12—Banks and Banking
- CHAPTER III—FEDERAL DEPOSIT INSURANCE CORPORATION
- SUBCHAPTER B—REGULATIONS AND STATEMENTS OF GENERAL POLICY
- PART 340—RESTRICTIONS ON SALE OF ASSETS OF A FAILED INSTITUTION BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
A person may not borrow money or accept credit from the FDIC in connection with the purchase of any assets of a failed institution from the FDIC if:
(a) There has been a default with respect to one or more obligations totaling in excess of $1,000,000 owed by that person or its associated person; and
(b) The person or its associated person made any fraudulent misrepresentations in connection with any such obligation(s).
Collected 2026-08-27T02:24:16Z. Source file · JSON