Source: https://www.law.cornell.edu/cfr/text/12/348.6?qt-cfr_tabs=0
Timestamp: 2016-04-28 21:41:42
Document Index: 424953261

Matched Legal Cases: ['art 348', '§ 348', '§ 348', '§ 303', '§ 348', '§ 348', '§ 303']

12 CFR 348.6 - General exemption. | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter III › Subchapter B › Part 348 › Section 348.6 12 CFR 348.6 - General exemption.
§ 348.6
The FDIC may by agency order exempt an interlock from the prohibitions in § 348.3 if the FDIC finds that the interlock would not result in a monopoly or substantial lessening of competition and would not present safety and soundness concerns.
In reviewing an application for an exemption under this section, the FDIC 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:
Primarily serves low-and moderate-income areas;
Is deemed to be in “troubled condition” as defined in§ 303.101(c).
Unless a shorter expiration period is provided in the FDIC 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 FDIC 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 FDIC in writing.
Procedures for applying for an exemption under this section are set forth in 12 CFR 303.249.
[64 FR 51680, Sept. 24, 1999, as amended at 71 FR 20527, Apr. 21, 2006]
§ 348.6 General exemption.
Exemption. The FDIC may by agency order exempt an interlock from the prohibitions in § 348.3 if the FDIC finds that the interlock would not result in a monopoly or substantial lessening of competition and would not present safety and soundness concerns.
Presumptions. In reviewing an application for an exemption under this section, the FDIC 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:
(4) Is deemed to be in “troubled condition” as defined in § 303.101(c).
Duration. Unless a shorter expiration period is provided in the FDIC 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 FDIC 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 FDIC in writing.
Procedures. Procedures for applying for an exemption under this section are set forth in 12 CFR 303.249.