12 CFR 26.6 - General exemption.

§ 26.6 General exemption.
(a) Exemption. The OCC may by order issued following receipt of an application, exempt an interlock from the prohibitions in § 26.3 if the OCC finds that the interlock would not result in a monopoly or substantial lessening of competition and would not present safety and soundness concerns.
(b) Presumptions. In reviewing an application for an exemption under this section, the OCC 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:
(1) Primarily serves low-and moderate-income areas;
(2) Is controlled or managed by persons who are members of a minority group, or women;
(3) Is a depository institution that has been chartered for less than two years; or
(4) Is deemed to be in “troubled condition” as defined in12 CFR 5.51(c)(6).
(c) Duration.
(1) Unless a specific expiration period is provided in the OCC approval, an exemption permitted by paragraph (a) of this section may continue so long as it does not result in either:
(i) A monopoly or substantial lessening of competition; or
(ii) An unsafe or unsound condition.
(2) If the OCC 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 OCC in writing.
[64 FR 51678, Sept. 24, 1999, as amended at 79 FR 28399, May 16, 2014]

Title 12 published on 2015-01-01.

No entries appear in the Federal Register after this date, for 12 CFR Part 26.