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12 U.S.C. § 3203 — Dual service of management official of $2,500,000,000 institution or holding company as management official of unaffiliated $1,500,000,000 institution or holding company prohibited

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3203 — Dual service of management official of $2,500,000,000 institution or holding company as management official of unaffiliated $1,500,000,000 institution or holding company prohibited

If a depository institution or a depository holding company has total assets exceeding $2,500,000,000, a management official of such institution or any affiliate thereof may not serve as a management official of any other nonaffiliated depository institution or depository holding company having total assets exceeding $1,500,000,000 or as a management official of any affiliate of such other institution. In order to allow for inflation or market changes, the appropriate Federal depository institutions regulatory agencies may, by regulation, adjust, as necessary, the amount of total assets required for depository institutions or depository holding companies under this section.

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Source file: Laws/federal/codes/united-states-code/title-12/section-3203-dual-service-of-management-official-of-2-500-000-000-institution-or-hold--a1cc9f969b.md
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Source location: Title 12, Chapter 33, § 3203; chapter-033-depository-institution-management-interlocks.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 375b — Extensions of credit to executive officers, directors, and principal shareholders of member banks

(1) **In general** — No member bank may extend credit to any of its executive officers, directors, or principal shareholders, or to any related interest of such a person, except to the extent permitted under paragraphs (2), (3), (4), (5), and (6). (2) **Preferential terms prohibited** (A) *In general* — A member bank may extend credit to its executive officers, directors, or principal shareholders, or to any related interest of such a person, only if the extension of credit— (i) is made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank; (ii) does not involve more than the normal risk of repayment or present other unfavorable features; and (iii) the bank follows credit underwriting procedures that are not less stringent than those applicable to comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank. (B) *Exception* — Nothing in this paragraph shall prohibit any extension of credit made pursuant to a benefit or compensation program— (i) that is widely available to employees of the member bank; and (ii) that does not give preference to any officer, director, or principal shareholder of the member bank, or to any related interest of such person, over other employees of the member bank. (3) **Prior approval required** — A member bank may extend credit to a person described in paragraph (1) in an amount that, when aggregated with the amount of all other outstanding extensions of credit by that bank to each such person and that person’s related interests, would e

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3205 — Management official in position prior to November 10, 1978

**(a) Continuation of service** A person whose service in a position as a management official began prior to November 10, 1978, and who was not immediately prior to November 10, 1978, in violation of [section 19 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section19&num=0&edition=prelim) is not prohibited by section 3202 or [section 3203 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3203&num=0&edition=prelim) from continuing to serve in that position. The appropriate Federal depository institutions regulatory agency may provide a reasonable period of time for compliance with this chapter, not exceeding fifteen months, after any change in circumstances which makes service described in the preceding sentence prohibited by this chapter, except that a merger, acquisition, increase in total assets, establishment of one or more offices, or change in management responsibilities shall not constitute changes in circumstances which would make such service prohibited by section 3202 or [section 3203 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3203&num=0&edition=prelim). **(b) Depository institution and diversified savings and loan holding company** Effective on November 10, 1978, a person who serves as a management official of a company which is not a depository institution or a depository holding company and as a management official of a depository institution or a depository holding company is not prohibited from continuing to serve as a management official of that depository institution or depository holding company as a result of that company which is not a depository institution or depository holding company becoming a diversified savings and loan

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3207 — Rules and regulations

Regulations to carry out this chapter, including regulations that permit service by a management official that would otherwise be prohibited by [section 3202 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3202&num=0&edition=prelim) or [section 3203 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3203&num=0&edition=prelim), if such service would not result in a monopoly or substantial lessening of competition, may be prescribed by— (1) the Comptroller of the Currency with respect to national banks and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation), (2) the Board of Governors of the Federal Reserve System with respect to State banks which are members of the Federal Reserve System, bank holding companies, and savings and loan holding companies, (3) the Board of Directors of the Federal Deposit Insurance Corporation with respect to State banks which are not members of the Federal Reserve System but the deposits of which are insured by the Federal Deposit Insurance Corporation and State savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation), (4) the National Credit Union Administration with respect to credit unions the accounts of which are insured by the National Credit Union Administration.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3203 — Dual service of management official of

Page 1512 TITLE 12—BANKS AND BANKING § 3202 1 See References in Text note below. 1988—Par. (3)(B). Pub. L. 100–650, § 2, substituted ‘‘25 percent’’ for ‘‘50 per centum’’ in two places. Par. (4). Pub. L. 100–650, § 3, substituted ‘‘(including an advisory or honorary director, except in the case of a depository institution with total assets of less than $100,000,000)’’ for ‘‘(including an advisory or honorary director)’’. Par. (6). Pub. L. 100–650, § 5(b)(1), added par. (6). Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title. SHORT TITLE OF 1988 AMENDMENT Pub. L. 100–650, § 1, Nov. 10, 1988, 102 Stat. 3819, pro- vided that: ‘‘This Act [amending sections 3201, 3204, and 3205 of this title] may be referred to as the ‘Manage- ment Interlocks Revision Act of 1988’.’’ SHORT TITLE Pub. L. 95–630, title II, § 201, Nov. 10, 1978, 92 Stat. 3672, provided that: ‘‘This title [enacting this chapter and amending sections 1464, 1730, and 1818 of this title] may be cited as the ‘Depository Institution Management Interlocks Act’.’’ § 3202. Dual service of management official as management official of unaffiliated institu- tion or holding company in same area, town, or village prohibited A management official of a depository institu- tion or a depository holding company may not serve as a management official of any other de- pository institution or depository holding com- pany not affiliated therewith if an office of one of the institutions or any depository institution that is an affiliate of such institutions is located within either— (1) the same primary metropolitan statis- tical area, the same met

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