CFR > Title 12 - Banks and Banking > CHAPTER I—COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY > PART 26—MANAGEMENT OFFICIAL INTERLOCKS > 26.1—Authority, purpose, and scope.

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. 3201 et seq. ), as amended, and the OCC's general rulemaking authority in 12 U.S.C. 93a.
(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 and their affiliates.

Code of Federal Regulations

[73 FR 22251, Apr. 24, 2008]