FDIC Changes its Virtual Data Room Contractor for Marketing Failing Financial Institutions

Summary:

The Federal Deposit Insurance Corporation (FDIC) is changing the virtual data room (VDR) contractor used to market failing financial institutions (DFIN Solutions Venue). Beginning in May 2025, the FDIC will begin using the ShareVault VDR for all new projects. 

Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-insured financial institutions and certain non-bank entities.

Highlights:

• As the result of a competitive bidding process, the FDIC has hired a new contractor to handle the VDR used to market failing financial institutions. ShareVault’s VDR will replace DFIN Solutions Venue for all new projects.
• The FDIC has used VDRs to market failing institutions since 2000.
• A VDR is a secure web site that the FDIC populates with information about failing insured institutions. The FDIC gives qualifying financial institutions access to the VDR, which helps them determine their interest in purchasing a failing financial institution and evaluate the offering. Users must first sign a confidentiality agreement before they gain entry to the VDR.
• Bidders familiar with the FDIC’s VDR process will find that the ShareVault folders and documents are similar to what has been used in the past. New bidders can email the FDIC for technical assistance.
• Institutions should set email spam filters so they will receive messages from ShareVault.net and FDIC.ShareVault.net and ensure these Uniform Resource Locators (URLs) are accessible to their institutions.