Just skimming the document, it still requires that fair value be received, it requires a finding that the financial institution "would have" an adverse affect on the economy as opposed to "has had" . So I don't think it could apply retroactively. Moreover, the fdic has entered into an agreement with the debtor. Sure this agreement can go out the window if there are changes made to it i.e. money to equity, but why do the agreement in the first place if this act has retroactive possibilities. Because of the fair value aspect I suppose... the new act doesn't get fdic off the hook for fair value. jmho.
FDIC Receivership Time limit: 3yrs FDIC can ask for one 1 yr. Extension: Max 4yrs.
Page 155
FDIC Receiver must file a report within 60 days on the financial condition of the covered financial company as of the date of the appointment, including a description of its assets and liabilities.
Page 156 FDIC Receiver must file a report within 60 days on the conflicts of interest of all retained professionals that assisted the FDIC receiver.
Page 157
GAO has the authority to audit the FDIC reports to congress.
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