12 C.F.R. § 563f.6 General exemption.
Title 12 - Banks and Banking
(a) Exemption. The OTS may by agency order exempt an interlock from the prohibitions in §563f.3 if the OTS finds that the interlock would not result in a monopoly or substantial lessening of competition and would not present safety and soundness concerns. A depository organization may apply to OTS for an exemption under part 516, subpart E, of this chapter. (b) Presumptions. In reviewing an application for an exemption under this section, the OTS 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 or has been chartered for less than two years; or (4) Is deemed to be in “troubled condition” as defined in §563.555 of this chapter. (c) Duration. Unless a shorter expiration period is provided in the OTS 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 OTS 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 OTS in writing. [64 FR 51680, Sept. 24, 1999, as amended at 66 FR 13009, Mar. 2, 2001]
Title 12: Banks and Banking
PART 563f—MANAGEMENT OFFICIAL INTERLOCKS
§ 563f.6 General exemption.
