12 CFR 366.3
§ 366.3 Who cannot perform contractual services for the FDIC?
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 366.3, § 366.3 Who cannot perform contractual services for the FDIC?, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/47071
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Full text
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).
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.