12 CFR 348.1
§ 348.1 Purpose and scope.
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 348.1, § 348.1 Purpose and scope, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/46895
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Full text
(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 FDIC-supervised institutions and their affiliates.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.