12 CFR § 212.1 - Authority, purpose, and scope.

---
identifier: "/us/cfr/t12/s212.1"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 212.1 - Authority, purpose, and scope."
title_number: 12
title_name: "Banks and Banking"
section_number: "212.1"
section_name: "Authority, purpose, and scope."
chapter_name: "FEDERAL RESERVE SYSTEM"
subchapter_number: "A"
subchapter_name: "BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM"
part_number: "212"
part_name: "MANAGEMENT OFFICIAL INTERLOCKS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 3201-3208; 15 U.S.C. 19."
regulatory_source: "61 FR 40302, Aug. 2, 1996, unless otherwise noted."
cfr_part: "212"
---


# 212.1 Authority, 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 *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 state member banks, bank holding companies, and their affiliates.