(a) Exemption. The Board may by agency order exempt an interlock
from the prohibitions in section 238.93 if the Board 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 the Board for an exemption.
(b) Presumptions. In reviewing an application for an exemption under this section,
the Board 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 has been chartered for less than two years; or
(4) Is deemed to be in “troubled condition”
as defined in section 238.72.
(c) Duration. Unless a
shorter expiration period is provided in the Board 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 Board 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 Board in writing.
