(a) The standards. The Board may, at its discretion, by regulation
or order, exempt transactions or relationships from the requirements
of section 23A and subparts B, C, and D of this part if it finds such
exemptions to be in the public interest and consistent with the purposes
of section 23A.
(b) Procedure. A member bank may request an exemption from the requirements of
section 23A and subparts B, C, and D of this part by submitting a
written request to the general counsel of the Board. Such a request
must—
(1) describe in detail
the transaction or relationship for which the member bank seeks exemption;
(2) explain why the Board
should exempt the transaction or relationship; and
(3) explain how the exemption would be
in the public interest and consistent with the purposes of section
23A.
