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Title 12: Banks and Banking
CHAPTER III: FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER B: REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 348: MANAGEMENT OFFICIAL INTERLOCKS
348.1 - Authority, purpose, and scope.
(a) Authority. This part is issued under the provisions of the Depository Institution Management Interlocks Act (Interlocks Act) (12 U.S.C. 3201 et seq.), as amended.
(b) Purpose. The purpose of the Interlocks Act and this part is to foster competition by generally prohibiting a management official from serving two nonaffiliated depository organizations in situations where the management interlock likely would have an anticompetitive effect.
(c) Scope. This part applies to management officials of insured nonmember banks and their affiliates.
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