12 CFR 348.7 - Change in circumstances.

§ 348.7 Change in circumstances.
(a) Termination. A management official shall terminate his or her service or apply for an exemption if a change in circumstances causes the service to become prohibited. A change in circumstances may include an increase in asset size of an organization, a change in the delineation of the RMSA or community, the establishment of an office, an increase in the aggregate deposits of the depository organization, or an acquisition, merger, consolidation, or reorganization of the ownership structure of a depository organization that causes a previously permissible interlock to become prohibited.
(b) Transition period. A management official described in paragraph (a) of this section may continue to serve the insured nonmember bank involved in the interlock for 15 months following the date of the change in circumstances. The FDIC may shorten this period under appropriate circumstances.
[61 FR 40305, Aug. 2, 1996, as amended at 64 FR 51680, Sept. 24, 1999]

Title 12 published on 2014-01-01

no entries appear in the Federal Register after this date.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

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United States Code
U.S. Code: Title 12 - BANKS AND BANKING

Title 12 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 348 after this date.

  • 2014-07-21; vol. 79 # 139 - Monday, July 21, 2014
    1. 79 FR 42225 - Transferred OTS Regulations and FDIC Regulations Regarding Management Official Interlocks
      GPO FDSys XML | Text
      FEDERAL DEPOSIT INSURANCE CORPORATION
      Notice of proposed rulemaking.
      Comments must be received on or before September 19, 2014.
      12 CFR Parts 348 and 390