Prohibition against management interlocks between certain financial companies

  1. Law
  2. USC 12
  3. Banks And Banking
  4. WALL STREET REFORM AND CONSUMER PROTECTION
  5. FINANCIAL STABILITY
  6. Additional Board of Governors Authority for Certain Nonbank Financial Companies and Bank Holding Companies
  7. Prohibition against management interlocks between certain financial companies

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§5364. Prohibition against management interlocks between certain financial companies

A nonbank financial company supervised by the Board of Governors shall be treated as a bank holding company for purposes of the Depository Institutions 1 Management Interlocks Act (12 U.S.C. 3201 et seq.), except that the Board of Governors shall not exercise the authority provided in section 7 2 of that Act (12 U.S.C. 3207) to permit service by a management official of a nonbank financial company supervised by the Board of Governors as a management official of any bank holding company with total consolidated assets equal to or greater than $250,000,000,000, or other nonaffiliated nonbank financial company supervised by the Board of Governors (other than to provide a temporary exemption for interlocks resulting from a merger, acquisition, or consolidation).

( Pub. L. 111–203, title I, §164, July 21, 2010, 124 Stat. 1423 ; Pub. L. 115–174, title IV, §401(c)(1)(F), May 24, 2018, 132 Stat. 1358 .)

Delayed Effective Date of Amendment

For delayed effective date of amendment by Pub. L. 115–174, except with respect to certain bank holding companies, see Effective Date of 2018 Amendment note set out under section 5365 of this title.

References in Text

The Depository Institution Management Interlocks Act, referred to in text, is title II of Pub. L. 95–630, Nov. 10, 1978, 92 Stat. 3672 , which is classified principally to chapter 33 (§3201 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 3201 of this title and Tables.

Amendments

2018-Pub. L. 115–174 substituted "$250,000,000,000" for "$50,000,000,000".

Effective Date of 2018 Amendment

Except as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see section 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title.

Construction of 2018 Amendment

For construction of amendment by Pub. L. 115–174 as applied to certain foreign banking organizations, see section 401(g) of Pub. L. 115–174, set out as a note under section 5365 of this title.

1 So in original. Probably should be "Institution".

2 So in original. There is no section 7 of such Act.


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