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Title 12, Banks and BankingRelease 119-110

§5364 Prohibition Against Management Interlocks Between Certain Financial Companies

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

Last updated Sep 23, 2026|Official source

Summary

The Board must treat a nonbank financial company it supervises like a bank holding company for the rules about management interlocks. The Board may not allow a manager of that nonbank to serve at any bank holding company with $250,000,000,000 in assets or at an unrelated supervised nonbank, except for a short, temporary exemption when an interlock 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 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 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

Sep 23, 2026

Release point: 119-110