{"data":{"id":"us/12-cfr-711.6","jurisdiction":"us","citation":"12 CFR 711.6","heading":"General exemption.","body":"(a) Exemption. NCUA may, by agency order issued following receipt of an application, exempt an interlock from the prohibitions in § 711.3, if NCUA finds that the interlock would not result in a monopoly or substantial lessening of competition, and would not present other safety and soundness concerns.\n(b) Presumptions. In reviewing applications for an exemption under this section, NCUA 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 § 701.14(b)(3) of this chapter.\n(c) Duration. Unless a shorter expiration period is provided in the NCUA approval, an exemption permitted by paragraph (a) of this section may continue so long as it would not result in a monopoly or substantial lessening of competition, or be unsafe or unsound. If the NCUA 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 in the approval.","path":["Title 12—Banks and Banking","CHAPTER VII—NATIONAL CREDIT UNION ADMINISTRATION","SUBCHAPTER A—REGULATIONS AFFECTING CREDIT UNIONS","PART 711—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":"31ce35f34f3135d2d738f2dfebe7e065bfdccadd336d0cd1b9d213ee976807f4","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-711.5","next":"us/12-cfr-711.7"},"notice":"GroundRules: Original legal text. Not legal advice."}