Restrictions on Sales of Assets of a Covered Financial Company by the Federal Deposit Insurance Corporation

Zusammenfassung

The Federal Deposit Insurance Corporation ("FDIC") is adopting a final rule (the "final rule") to implement a section of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd- Frank Act"). Under that section, individuals or entities that have, or may have, contributed to the failure of a "covered financial company" cannot buy a covered financial company's assets from the FDIC. The final rule establishes a self-certification process that is a prerequisite to the purchase of assets of a covered financial company from the FDIC.