§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?

12 C.F.R. § 340.3

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).

Notes, amendments, and revision history

Authority: 12 U.S.C. 1819 (Tenth), 1821(p).

Source: 80 FR 22889, Apr. 24, 2015, unless otherwise noted.