12 CFR § 359.7 - Applicability in the event of receivership.

---
identifier: "/us/cfr/t12/s359.7"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 359.7 - Applicability in the event of receivership."
title_number: 12
title_name: "Banks and Banking"
section_number: "359.7"
section_name: "Applicability in the event of receivership."
chapter_name: "FEDERAL DEPOSIT INSURANCE CORPORATION"
subchapter_number: "B"
subchapter_name: "REGULATIONS AND STATEMENTS OF GENERAL POLICY"
part_number: "359"
part_name: "GOLDEN PARACHUTE AND INDEMNIFICATION PAYMENTS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1828(k)."
regulatory_source: "61 FR 5930, Feb. 15, 1996, unless otherwise noted."
cfr_part: "359"
---


# 359.7 Applicability in the event of receivership.

The provisions of this part, or any consent or approval granted under the provisions of this part by the FDIC (in its corporate capacity), shall not in any way bind any receiver of a failed insured depository institution. Any consent or approval granted under the provisions of this part by the FDIC or any other federal banking agency shall not in any way obligate such agency or receiver to pay any claim or obligation pursuant to any golden parachute, severance, indemnification or other agreement. Claims for employee welfare benefits or other benefits which are contingent, even if otherwise vested, when the FDIC is appointed as receiver for any depository institution, including any contingency for termination of employment, are not provable claims or actual, direct compensatory damage claims against such receiver. Nothing in this part may be construed to permit the payment of salary or any liability or legal expense of any IAP contrary to 12 U.S.C. 1828(k)(3).