12 U.S.C. § 3202

Current through P.L. 118-64 (published on www.congress.gov on 05/24/2024), except for [P. L. 118-63]

Section 3202 - Dual service of management official as management official of unaffiliated institution or holding company in same area, town, or village prohibited

A management official of a depository institution or a depository holding company may not serve as a management official of any other depository institution or depository holding company not affiliated therewith if an office of one of the institutions or any depository institution that is an affiliate of such institutions is located within either-

(1) the same primary metropolitan statistical area, the same metropolitan statistical area, or the same consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas as defined by the Office of Management and Budget, except in the case of depository institutions with less than $50,000,000 in assets in which case the provision of paragraph (2) shall apply, as that in which an office of the other institution or any depository institution that is an affiliate of such other institution is located, or

(2) the same city, town, or village as that in which an office of the other institution or any depository institution that is an affiliate of such other institution is located, or in any city, town, or village contiguous or adjacent thereto.

12 U.S.C. § 3202

Pub. L. 95-630, title II, §203, Nov. 10, 1978, 92 Stat. 3673; Pub. L. 98-181 title I [title VII, §701(c)], Nov. 30, 1983, 97 Stat. 1267; Pub. L. 109-351, title VI, §610, Oct. 13, 2006, 120 Stat. 1984.

EDITORIAL NOTES

AMENDMENTS2006-Par. (1). Pub. L. 109-351 substituted "$50,000,000" for "$20,000,000". 1983-Par. (1). Pub. L. 98-181 substituted "primary metropolitan statistical area, the same metropolitan statistical area, or the same consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas" for "standard metropolitan statistical area".

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATESection effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95-630 set out as a note under section 375b of this title.

affiliate

The term "affiliate" means any person that controls, is controlled by, or is under common control with another person.

depository holding company

the term "depository holding company" means a bank holding company as defined in section 1841(a) of this title, a company which would be a bank holding company as defined in section 1841(a) of this title but for the exemption contained in subsection (a)(5)(F) thereof, or a savings and loan holding company as defined in section 1730a(a)(1)(D) 1 of this title;

depository institution

the term "depository institution" means a commercial bank, a savings bank, a trust company, a savings and loan association, a building and loan association, a homestead association, a cooperative bank, an industrial bank, or a credit union;