§ 303.249. Management official interlocks.
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/us/cfr/t12/s§ 303.249·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Scope. This section contains the procedures to be followed by an insured State nonmember bank or an insured State savings association to seek the approval of FDIC to establish an interlock pursuant to the Depository Institutions Management Interlocks Act (12 U.S.C. 3207), section 13 of the FDI Act (12 U.S.C. 1823(k)), and part 348 of this chapter.
(b)Where to file. Applicants shall submit a letter application to the appropriate FDIC office.
(c)Content of filing. The application shall contain the following:
(1)A description of the proposed interlock;
(2)A statement of reason as to why the interlock will not result in a monopoly or a substantial lessening of competition; and
(3)If the applicant is seeking an exemption set forth in § 348.6 of this chapter, a description of the particular exemption which is being requested and a statement of reasons as to why the exemption is applicable.
(d)Additional information. The FDIC may request additional information at any time during processing of the filing.
(e)Processing. The FDIC will provide the applicant with written notification of the final action when the decision is rendered. [67 FR 79247, Dec. 27, 2002. Redesignated at 71 FR 20526, Apr. 21, 2006; 84 FR 2706, Feb. 8, 2019; 86 FR 8097, Feb. 3, 2021]
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