FDIC Purchaser Eligibility Summary
You may not be eligible to bid on FDIC assets if the answer by you to any of the following questions is “YES”. The actual detailed questions are contained in the Purchaser Eligibility Certification
- Is the prospective purchaser an FDIC employee or related to an FDIC employee?
- Is the prospective purchaser, or any of its affiliates, a contractor to supply services to the FDIC or submitted a bid to the FDIC to become a contractor to supply services within the last 3 years?
- Is the prospective purchaser, or any of its affiliates, more than 60 days delinquent on a debt (higher than $50,000) or other obligation currently held by the FDIC?
- Has the prospective purchaser, or any of its affiliates, been an officer or director of a failed banking institution who has caused a Substantial Loss to such failed banking institution?
- Has the prospective purchaser, or any of its affiliates, been prohibited by a federal banking regulator from participating in the affairs of a failed banking institution?
- Has the prospective purchaser, or any of its affiliates, been involved in a scheme of more than one borrowing or guarantor transactions intended to cause a Substantial Loss to a financial banking institution and did cause a substantial loss to a failed banking institution?
- Has the prospective purchaser, or any of its affiliates, been convicted of Specified Crimes AND defaulted on a debt or guaranty owed to the FDIC or a failed banking institution to the extent that a judgment was rendered in favor of the FDIC?
- Has the prospective purchaser defaulted on a debt of more than $1 million in connection with seller financing provided by the FDIC?
- Has the identity or form or any other contractual arrangements of the prospective purchaser been created with the intent to hide or disguise the fact that an otherwise ineligible prospective purchaser is intended to benefit from the potential purchase of assets from the FDIC.
The actual requirements to be an eligible purchaser of loans are solely contained in the “Purchaser Eligibility Certification”. This questionnaire is intended to be a useful summary for prospective purchasers but it shall not be construed as adding, limiting or interpreting in any manner, the actual terms of the Purchaser Eligibility Certification, ALL of which are contained solely in the Purchaser Eligibility Certification.