On July 6, the FDIC adopted a final rule addressing the rights and powers of the FDIC as a receiver of a nonviable systemic financial company under the orderly liquidation provisions of Title II of the Dodd-Frank Act. The rule addresses: (i) recoupment of compensation from senior executives and directors as well as the receiver's power to avoid fraudulent and preferential transfers; (ii) the priority of claims; and (iii) the receivership administrative claims process as well as secured claims procedures. The linked memorandum contains the version of the rule adopted by the FDIC Board, which may differ from the official version published in the Federal Register. The rule will be effective 30 days after the date of publication in the Federal Register. Memorandum to FDIC Board.