§ 26.1 Authority, purpose, and scope.
Primary source
Verbatim text below is from the Electronic Code of Federal Regulations (eCFR), a public-domain U.S. government work. Always verify the current version with the eCFR before relying on it for any legal matter.
Full Text
Authority.et seq.(a) This part is issued under the provisions of the Depository Institution Management Interlocks Act (Interlocks Act) (12 U.S.C. 3201 ), as amended, and the OCC's general rulemaking authority for national banks in 12 U.S.C. 93a and Federal savings associations in 12 U.S.C. 1462a and 5412(b)(2)(B).
Purpose.(b) 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.
Scope.(c) This part applies to management officials of national banks, Federal savings associations, and their affiliates.
[73 FR 22251, Apr. 24, 2008, as amended at 79 FR 28399, May 16, 2014]
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