On March 8th, the D.C. Circuit discussed the difference between contracts "accepted" by the FDIC as conservator of a failed bank, and those "approved" by the FDIC and entitled to administrative priority under the Financial Institutions Reform, Recovery, and Enforcement Act. MBIA claims payments it made to investors in the mortgage securitizations of the failed bank IndyMac are "administrative expenses" entitled to priority under FIRREA. It sued as the third party beneficiary of the Pooling and Servicing Agreements of IndyMac, alleging that the FDIC, as IndyMac's conservator, had "approved" the PSAs and then breached its "put back" obligations under those agreements. Affirming dismissal, the D.C. Circuit holds that Congress distinguished between contracts "accepted," or "not-repudiated," upon transfer and contracts qualified for "administrative expenses" priority because they had been "executed or approved" by the FDIC. The context, where the FDIC steps into the shoes of a failed bank in emergency circumstances, shows in light of other provisions of FIRREA where Congress intended "approved" to have a formality consistent with "executed" and beyond "accept[ance]," and where a narrow meaning is required under the depositor preference scheme. MBIA Insurance Corp. v. FDIC.