(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 state member banks, bank holding
companies, and their affiliates.
