12 CFR 303.249 - Management official interlocks.
(a)Scope. This section contains the procedures to be followed by an insured state nonmember bank to seek the approval of FDIC to establish an interlock pursuant to the Depository Institutions Management Interlocks Act ( 12 U.S.C. 3207), section 13 of the FDI Act ( 12 U.S.C. 1823(k)) and part 348 of this chapter ( 12 CFR part 348).
(c)Content of filing. The application shall contain the following:
(1) A description of the proposed interlock;
(2) A statement of reason as to why the interlock will not result in a monopoly or a substantial lessening of competition; and
(3) If the applicant is seeking an exemption set forth in § 348.5 or 348.6 of this chapter, a description of the particular exemption which is being requested and a statement of reasons as to why the exemption is applicable.
(e)Processing. The FDIC will provide the applicant with written notification of the final action when the decision is rendered.