§ 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?

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).