Not really.....V. Summary of Conservatorship and Receivership Provisions of the Safety and Soundness Act
The Safety and Soundness Act, as amended, provides the general circumstances for the discretionary appointment of a conservator or receiver. 12 U.S.C. 4617(a)(3). The Director has grounds for discretionary appointment of FHFA as a conservator or receiver if: (1) The assets of the regulated entity are less than the entity's obligations to its creditors and others; (2) the regulated entity has suffered substantial dissipation of its assets or earnings due to a violation of a provision of federal or state law or an unsafe or unsound practice; (3) the regulated entity is in an unsafe or unsound condition to transact business; (4) the regulated entity has committed a willful violation of a cease-and-desist order that has become final; (5) the regulated entity has concealed the books, papers, records, or assets of the regulated entity; (6) the regulated entity is unlikely to be able to pay its obligations or meet the demands of its creditors in the normal course of business; (7) the regulated entity has incurred or is likely to incur losses that will deplete all or substantially all of its capital; (8) a violation of law or unsafe or unsound practice by the regulated entity that is likely to cause insolvency, substantial dissipation of assets, earnings, or to weaken the condition of the regulated entity has occurred; or (9) the regulated entity consents to the appointment by resolution of its board of directors, its shareholders, or members. The Director may appoint FHFA as conservator or receiver if the regulated entity is critically undercapitalized, significantly undercapitalized, or undercapitalized and has no reasonable prospect of becoming adequately capitalized.
The Safety and Soundness Act provides FHFA, as conservator or receiver, with all the rights, titles, powers, and privileges of the shareholders, directors, and officers of a regulated entity under conservatorship or receivership. 12 U.S.C. 4617(b)(2)(A). In addition, the conservator or receiver is provided a number of additional powers, including authority to: (1) Take over the assets of and operate the regulated entity; (2) collect all obligations and money due the regulated entity; (3) perform functions of the regulated entity consistent with appointment as conservator or receiver; and (4) preserve and conserve the assets and property of the regulated entity. id. 4617(b)(2)(B). The Safety and Soundness Act also provides FHFA with the power to avoid a fraudulent transfer of an interest to an entity-affiliated party or debtor of the regulated entity that was made within five years of the date on which FHFA was appointed conservator or receiver. id. 4617(b)(15).
Furthermore, the Safety and Soundness Act also provides the conservator with the power to take such action as may be necessary to put the regulated entity in a sound and solvent condition, appropriate to carry on the business of the regulated entity, and to preserve and conserve its assets and property. The Safety and Soundness Act also provides a receiver with the power to place a regulated entity in liquidation in such manner as FHFA deems appropriate. id. 4617(b)(2)(E). As amended, the Safety and Soundness Act bestows upon a receiver the power to determine claims in the process of liquidation or winding up the affairs of a regulated entity, including the allowance and disallowance of claims (12 U.S.C. 4617(b)(3)) and establishes the process and treatment for certain qualified financial contracts (12 U.S.C. 4617(d)(8)).
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