{"data":{"id":"us/12-cfr-238.96","jurisdiction":"us","citation":"12 CFR 238.96","heading":"General exemption.","body":"(a) Exemption. The Board may by agency order exempt an interlock from the prohibitions in § 238.93 if the Board finds that the interlock would not result in a monopoly or substantial lessening of competition and would not present safety and soundness concerns. A depository organization may apply to the Board for an exemption.\n(b) Presumptions. In reviewing an application for an exemption under this section, the Board 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:\n(1) Primarily serves low- and moderate-income areas;\n(2) Is controlled or managed by persons who are members of a minority group, or women;\n(3) Is a depository institution that has been chartered for less than two years; or\n(4) Is deemed to be in “troubled condition” as defined in § 238.72.\n(c) Duration. Unless a shorter expiration period is provided in the Board approval, an exemption permitted by paragraph (a) of this section may continue so long as it does not result in a monopoly or substantial lessening of competition, or is unsafe or unsound. If the Board 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 Board in writing.","path":["Title 12—Banks and Banking","CHAPTER II—FEDERAL RESERVE SYSTEM","SUBCHAPTER A—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM","PART 238—SAVINGS AND LOAN HOLDING COMPANIES (REGULATION LL)","Subpart J—Management Official Interlocks"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"0eb99f14d73d2604d0ac4297d62e37941e039ce176b0ec854f9014043243b487","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-238.95","next":"us/12-cfr-238.97"},"notice":"GroundRules: Original legal text. Not legal advice."}