Management Interlocks Revision Act of 1988

Summary

Management Interlocks Revision Act of 1988 - Amends the Depository Institution Management Interlocks Act to revise the definition of "affiliated" corporation to mean a corporation which is owned by persons who own more than 25 percent of another corporation. (Present law defines such term as 50 percent ownership.) Revises the definition of "management official" to exclude an advisory or honorary director of a depository institution with total assets of less than $100,000,000. Provides an exception to the prohibitions against dual service of management officials of depository institutions within a primary metropolitan statistical area and against dual service of management officials of a $1,000,000,000 institution or holding company with an unaffiliated $500,000,000 institution or holding company in cases of: (1) failed or failing institutions which are acquired by another depository institution or depository holding company during a specified five-year period; and (2) any diversified savings and loan holding company if the appropriate Federal depository institutions regulatory agencies do not disapprove. Defines the "appropriate depository institutions regulatory agency" for purposes of issuing rules and regulations under such Act to include the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, and the National Credit Union Administration. Extends for five years the exception from coverage by the Depository Institution Management Interlocks Act of officials in service in a position prior to November 10, 1978. (Such exemption is scheduled to expire under current law on November 10, 1988.)

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Documents

2 official files

• Public Law (PDF)

  Public Law · EN · 11 November 1988

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• Introduced in House

  summary · EN · 21 June 1988

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