§ 212.6. General exemption.
221 words·~1 min read·
/us/cfr/t12/s§ 212.6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Exemption. The Board may, by agency order, exempt an interlock from the prohibitions in § 212.3, if the Board finds that the interlock would not result in a monopoly or substantial lessening of competition, and would not present safety and soundness concerns.
(b)Presumptions. In reviewing an application for an exemption under this section, the Board will apply a rebuttable presumption that an interlock will not result in a monopoly or substantial lessening of competition if the depository organization seeking to add a management official:
(1)Primarily serves low- and moderate-income areas;
(2)Is controlled or managed by persons who are members of a minority group, or women;
(3)Is a depository institution that has been chartered for less than two years; or
(4)Is deemed to be in “troubled condition” as defined in 12 CFR 225.71.
(c)Duration. Unless a shorter expiration period is provided in the Board approval, an exemption permitted by paragraph
(a)of this section may continue so long as it does not result in a monopoly or substantial lessening of competition, or is unsafe or unsound. If the Board grants an interlock exemption in reliance upon a presumption under paragraph
(b)of this section, the interlock may continue for three years, unless otherwise provided by the Board in writing. [64 FR 51679, Sept. 24, 1999]
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