12 CFR § 212.1 - Authority, purpose, and scope.
(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.