§ 340.7. When is a certification required, and who does not have to provide a certification?
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/us/cfr/t12/s§ 340.7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Before any person may purchase any asset from the FDIC that person must certify, under penalty of perjury, that none of the restrictions contained in this part applies to the purchase. The person must also certify that neither the identity nor form of the person, nor any aspect of the contemplated transaction, has been created or altered with the intent, in whole or in part, to allow an individual or entity who otherwise would be ineligible to purchase assets from the FDIC to benefit directly or indirectly from the proposed transaction. The FDIC may establish the form of the certification and may change the form from time to time.
(b)Notwithstanding paragraph
(a)of this section, and unless the Director of the FDIC's Division of Resolutions and Receiverships or designee in his or her discretion so requires, a certification need not be provided by:
(1)A state or political subdivision of a state;
(2)A federal agency or instrumentality such as the Government National Mortgage Association;
(3)A federally-regulated, government-sponsored enterprise such as the Federal National Mortgage Association or Federal Home Loan Mortgage Corporation; or
(4)A bridge depository institution.
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§ 340.7
When is a certification required, and who does not have to provide a certification?
Fed. Reg.×3
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