US Code

Public Law 119-83 (04/13/2026)

12 U.S.C. § 3205

Management official in position prior to November 10, 1978

(a)

Continuation of service

section 19 of title 15section 3203 of this titlesection 3203 of this titleA person whose service in a position as a management official began prior to , and who was not immediately prior to , in violation of is not prohibited by section 3202 or from continuing to serve in that position. The appropriate Federal depository institutions regulatory agency may provide a reasonable period of time for compliance with this chapter, not exceeding fifteen months, after any change in circumstances which makes service described in the preceding sentence prohibited by this chapter, except that a merger, acquisition, increase in total assets, establishment of one or more offices, or change in management responsibilities shall not constitute changes in circumstances which would make such service prohibited by section 3202 or .

(b)

Depository institution and diversified savings and loan holding company

1

1 See References in Text note below.
Effective on , a person who serves as a management official of a company which is not a depository institution or a depository holding company and as a management official of a depository institution or a depository holding company is not prohibited from continuing to serve as a management official of that depository institution or depository holding company as a result of that company which is not a depository institution or depository holding company becoming a diversified savings and loan holding company as that term is defined in section 1730a(a)  of this title.

Pub. L. 95–630, title II, § 20692 Stat. 3674 Pub. L. 97–110, title III, § 30295 Stat. 1515 Pub. L. 100–650102 Stat. 3820 Pub. L. 103–325, title III, § 338(a)108 Stat. 2235 Pub. L. 104–208, div. A, title II, § 2210(b)110 Stat. 3009–410 (, , ; , , ; , §§ 5(b)(2), 6, , , 3821; , , ; , , .)

Editorial Notes

References in Text

Section 1730a of this titlePub. L. 101–73, title IV, § 407103 Stat. 363 , referred to in subsec. (b), was repealed by , , .

Amendments

Pub. L. 104–208, § 2210(b)(1)1996—Subsec. (a). , struck out “for a period of, subject to the requirements of subsection (c) of this section, 20 years after ” after “continuing to serve in that position”.

Pub. L. 104–208, § 2210(b)(2)Subsec. (b). , struck out at end “This subsection shall expire, subject to the requirements of subsection (c) of this section, 20 years after .”

Pub. L. 104–208, § 2210(b)(3)Subsec. (c). , struck out subsec. (c) which related to review of existing management interlocks.

Pub. L. 103–325, § 338(a)(1)1994—Subsecs. (a), (b). , substituted “, subject to the requirements of subsection (c) of this section, 20 years after ” for “15 years after ”.

Pub. L. 103–325, § 338(a)(2)Subsec. (c). , added subsec. (c).

Pub. L. 100–650, § 5(b)(2)section 3207 of this title1988—Subsec. (a). , substituted “depository institutions regulatory agency” for “banking agency (as set forth in )”.

Pub. L. 100–650, § 6, substituted “15 years” for “ten years”.

Pub. L. 100–650, § 6Subsec. (b). , substituted “15 years” for “ten years”.

Pub. L. 97–1101981— designated existing provisions as subsec. (a), inserted provision that a merger, acquisition, increase in total assets, establishment of one or more offices, or change in management responsibilities shall not constitute changes in circumstances which would make such service prohibited by section 3202 or 3203 of this title, and added subsec. (b).

Statutory Notes and Related Subsidiaries

Effective Date

section 2101 of Pub. L. 95–630section 375b of this titleSection effective upon the expiration of 120 days after , see , set out as a note under .