12 CFR 26.1 - Authority, purpose, and scope.

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§ 26.1 Authority, purpose, and scope.

(a)Authority. This part is issued under the provisions of the Depository Institution Management Interlocks Act (Interlocks Act) ( 12 U.S.C. 3201et seq.), 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).

(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 national banks, Federal savings associations, and their affiliates.

[ 73 FR 22251, Apr. 24, 2008, as amended at 79 FR 28399, May 16, 2014]