The FDIC Board approved a final rule on the orderly liquidation process, which was the culmination of a series of rulemaking efforts begun earlier this year. The rule implements several provisions of Title II of the Dodd-Frank Act. Title II establishes an “orderly liquidation authority” (the “OLA”) through which the FDIC can be appointed as receiver and liquidate a covered financial company, such as a bank holding company, whose failure threatens to have serious adverse effects on financial stability in the U.S. An in-depth understanding of the final rule and its various potential effects is critical not only for financial companies who may fall under Title II’s umbrella, but also the creditors of, potential investors in, and senior executives employed by such financial companies.