§ 366.3. Who cannot perform contractual services for the FDIC?
110 words·~1 min read·
/us/cfr/t12/s§ 366.3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
We will not enter into a contract with you to perform a service or function on our behalf, if you or any person that owns or controls you, or any entity you own or control:
(a)Has a felony conviction;
(b)Was removed from or is prohibited from participating in the affairs of an insured depository institution as a result of a federal banking agency final enforcement action;
(c)Has a pattern or practice of defalcation; or
(d)Is responsible for a substantial loss to the Deposit Insurance Fund (or any predecessor deposit insurance fund). [67 FR 69991, Nov. 20, 2002, as amended at 71 FR 20527, Apr. 21, 2006]