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Title 12 — Banks and BankingRelease 119-73

§5364 Prohibition against management interlocks between certain financial companies

Title 12 › Chapter CHAPTER 53— - WALL STREET REFORM AND CONSUMER PROTECTION › Subchapter SUBCHAPTER I— - FINANCIAL STABILITY › Part Part C— - Additional Board of Governors Authority for Certain Nonbank Financial Companies and Bank Holding Companies › § 5364

Last updated Apr 6, 2026|Official source

Summary

The Board of Governors must treat a nonbank financial company it supervises the same as a bank holding company for the Management Interlocks Act. But the Board cannot let a management official of one of those supervised nonbank firms also serve as a management official of any bank holding company with total consolidated assets of $250,000,000,000 or more, or of another unaffiliated supervised nonbank financial company, except for a short, temporary exemption when the overlap happens because of a merger, acquisition, or consolidation.

Full Legal Text

Title 12, §5364

Banks and Banking — Source: USLM XML via OLRC

A nonbank financial company supervised by the Board of Governors shall be treated as a bank holding company for purposes of the Depository Institutions 11 So in original. Probably should be “Institution”. Management Interlocks Act (12 U.S.C. 3201 et seq.), except that the Board of Governors shall not exercise the authority provided in section 7 22 So in original. There is no section 7 of such Act. of that Act (12 U.S.C. 3207) to permit service by a management official of a nonbank financial company supervised by the Board of Governors as a management official of any bank holding company with total consolidated assets equal to or greater than $250,000,000,000, or other nonaffiliated nonbank financial company supervised by the Board of Governors (other than to provide a temporary exemption for interlocks resulting from a merger, acquisition, or consolidation).

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Depository Institution Management Interlocks Act, referred to in text, is title II of Pub. L. 95–630, Nov. 10, 1978, 92 Stat. 3672, which is classified principally to chapter 33 (§ 3201 et seq.) of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 3201 of this title and Tables.

Amendments

2018—Pub. L. 115–174 substituted “$250,000,000,000” for “$50,000,000,000”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2018 AmendmentExcept as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see section 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title.

Construction

of 2018 AmendmentFor

Construction

of amendment by Pub. L. 115–174 as applied to certain foreign banking organizations, see section 401(g) of Pub. L. 115–174, set out as a note under section 5365 of this title.

Reference

Citations & Metadata

Citation

12 U.S.C. § 5364

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73