12 U.S.C. § 3207
Section 3207 · Rules and regulations
Current version, with additions and removals from the September 23, 1994 version.
Rules and regulations to carry out this chapter may be prescribed by—
Regulations to carry out this chapter, including regulations that permit service by a management official that would otherwise be prohibited by section 3202 of this title or section 3203 of this title, if such service would not result in a monopoly or substantial lessening of competition, may be prescribed by—
(5) the National Credit Union Administration with respect to credit unions the accounts of which are insured by the National Credit Union Administration.
An appropriate Federal depository institution regulatory agency may permit, on a case-by-case basis, service by a management official which would otherwise be prohibited by section 3202 or 3203 of this title only if—
(1) the board of directors of the affected depository institution, depository institution holding company, or company described in section 3205(b) of this title, provides a resolution to the appropriate Federal depository institutions regulatory agency certifying that there is no other candidate from the community described in paragraph (1) or (2) of section 3202 of this title who—
(A) possesses the level of expertise necessary for such service with respect to the affected depository institution, depository institution holding company, or company described in section 3205(b) of this title and is not prohibited from service under section 3202 or 3203 of this title; and
(B) is willing to serve as a management official at the affected depository institution, depository institution holding company, or company described in section 3205(b) of this title; and
(2) the appropriate Federal depository institutions regulatory agency determines that—
(A) the management official is critical to the safe and sound operations of the affected depository institution, depository institution holding company, or company described in section 3205(b) of this title;
(B) continuation of service by the management official does not produce an anticompetitive effect with respect to the affected depository institution, depository institution holding company, or company described in section 3205(b) of this title; and
(C) the management official meets such additional requirements as the agency may impose.
(1) In general
Notwithstanding the requirements of subsection (b) of this section, an appropriate Federal depository institutions regulatory agency may establish a program to permit, on a case-by-case basis, service by a management official which would otherwise be prohibited by section 3202 or 3203 of this title, for a period of not more than 2 years, if the agency determines that such service would—
(A) improve the provision of credit to low- and moderate-income areas;
(B) increase the competitive position of minority- and woman-owned institutions; or
(C) strengthen the management of newly chartered institutions that are in an unsafe or unsound condition.
(2) Extension of service period
The appropriate Federal depository institutions regulatory agency may extend the 2-year period referred to in paragraph (1) for one additional period of not more than 2 years, subject to making a new determination described in subparagraphs (A) through (C) of paragraph (1).