---
kind: "section"
citation: "12 C.F.R. § 348.1"
title: "12"
number: "348.1"
heading: "Purpose and scope."
url: "https://uscodex.org/cfr/12/348.1"
---

# §348.1. 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](/usc/12/3201.md) et seq.), as amended.
- (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 FDIC-supervised institutions and their affiliates.

## Notes

### Authority

Authority: 12 U.S.C. 3207, 12 U.S.C. 1823(k).

### Source

Source: 80 FR 79252, Dec. 21, 2015, unless otherwise noted.