CFR › Title 12 › Part 340 › §340.312 CFR §340.3Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗Copy linkA 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).