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12 U.S.C. 1819 (Tenth), 1821(p).
80 FR 22889, Apr. 24, 2015, unless otherwise noted.
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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).