Process Overview
Upon closure of a financial institution by the chartering authority and appointment of 多宝游戏下载 as receiver, the 多宝游戏下载 may enter into a Purchase and Assumption Agreement (P&A) with the winning bidder, the Assuming Institution. Settlement begins with the Assuming Institution鈥檚 purchase or assumption of some or all of the failed institution鈥檚 assets or liabilities and normally continues for up to 364 days after bank failure. Settlement activities include purchases and sales, reimbursement of expenses, adjustments to book value, correction of errors and omissions, and the processing of official notifications on contract options.
The 多宝游戏下载 Settlement Agent is the Assuming Institution鈥檚 primary point of contact for the life of the receivership. The 多宝游戏下载 Settlement Agent works directly with the Assuming Institution's Settlement point of contact to fulfill the terms of the P&A.
Purchase and Assumption Settlement System (PASS) is the communication tool between the Assuming Institution's Settlement point of contact and the 多宝游戏下载 Settlement Agent. The PASS Bankers Portal provides access for Assuming Institutions to electronically submit requests, review and approve transactions.
PASS Bankers Portal Demo Video
This video demonstrates the PASS Bankers Portal for Assuming Institutions. It includes instructions on how to login to the system and access settlement requests, transactions, and payments.
Frequently Asked Questions
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What is Settlement? Settlement is the administration of the P&A Agreement between an Assuming Institution, 多宝游戏下载 in its corporate capacity, and 多宝游戏下载 as receiver for a failed institution. The Assuming Institution purchases certain assets, assumes certain liabilities, and is obligated to perform administrative duties detailed in the agreement. |
When does the Settlement begin? Settlement begins when the 多宝游戏下载 is appointed receiver of the failed institution by the chartering authority and a P&A is executed with a winning bidder. |
How long does the settlement period last? The settlement period may last up to 364 days after bank failure. |
What happens during the settlement period? Settlement activities include purchases and sales, reimbursement of expenses, adjustments to book value, correction of errors and omissions, and the processing of official notifications on contract options. |
Where can I find public information about the Assuming Institution and the Purchase and Assumption Agreement? Shortly after the chartering authority closes the institution, 多宝游戏下载 publishes the Purchase and Assumption Agreement and the public bid summary on the 多宝游戏下载's Failed Bank List website. |
How does the Assuming Institution request access to the PASS Bankers Portal? The Assuming Institution Settlement point of contact should contact the 多宝游戏下载connect coordinator at one's financial institution to request access. |
How does an Assuming Institution determine who is the 多宝游戏下载connect coordinator for their financial institution? The Assuming Institution Settlement point of contact can contact the for assistance. |