§ 26.6 - General exemption.

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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.

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:

Primarily serves low-and moderate-income areas;

Is controlled or managed by persons who are members of a minority group, or women;

Is a depository institution that has been chartered for less than two years; or

Is deemed to be in “troubled condition” as defined in 12 CFR 5.51(c)(6).

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:

A monopoly or substantial lessening of competition; or

An unsafe or unsound condition.

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.

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§ 26.5 - Small market share exemption.

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§ 26.7 - Change in circumstances.