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Friday, April 24, 2015

FDIC Finalizes Changes to Limits on Failed Bank Asset Purchasers

The FDIC issued a final rule making changes and clarifications to its prohibition on individuals or entities associated with the failure of a bank purchasing assets from the bank under FDIC receivership. The agency amended Part 340 of its regulations by expanding the prohibition to include assets of a failed bank’s subsidiary or a bridge depository institution. The final rule was adopted as proposed and takes effect on July 1.

The final rule exempts sales of securities, commodities and contracts traded through an intermediary under which the seller cannot select the purchaser. It clarified that Part 340 does not apply to judicial or trustee sales of property securing an obligation to the FDIC but where the FDIC does not control the sale. The final rule also amends the certification a potential buyer of assets must sign.

Read the final rule.

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