12 CFR § 348.1 - Purpose and scope.

---
identifier: "/us/cfr/t12/s348.1"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 348.1 - Purpose and scope."
title_number: 12
title_name: "Banks and Banking"
section_number: "348.1"
section_name: "Purpose and scope."
chapter_name: "FEDERAL DEPOSIT INSURANCE CORPORATION"
subchapter_number: "B"
subchapter_name: "REGULATIONS AND STATEMENTS OF GENERAL POLICY"
part_number: "348"
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. 3207, 12 U.S.C. 1823(k)."
regulatory_source: "80 FR 79252, Dec. 21, 2015, unless otherwise noted."
cfr_part: "348"
---


# 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 *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.