![]() |
Code of Federal Regulations (Last Updated: May 6, 2024) |
![]() |
Title 12 - Banks and Banking |
![]() |
Chapter III - Federal Deposit Insurance Corporation |
![]() |
SubChapter B - Regulations and Statements of General Policy |
![]() |
Part 390 - Regulations Transferred from the Office of Thrift Supervision |
![]() |
Subpart S - State Savings Associations - Operations |
§ 390.358 - Conflicts of interest.
-
§ 390.358 Conflicts of interest.
If you are a director, officer, or employee of a State savings association, or have the power to direct its management or policies, or otherwise owe a fiduciary duty to a State savings association:
(a) You must not advance your own personal or business interests, or those of others with whom you have a personal or business relationship, at the expense of the State savings association; and
(b) You must, if you have an interest in a matter or transaction before the board of directors:
(1) Disclose to the board all material nonprivileged information relevant to the board's decision on the matter or transaction, including:
(i) The existence, nature and extent of your interests; and
(ii) The facts known to you as to the matter or transaction under consideration;
(2) Refrain from participating in the board's discussion of the matter or transaction; and
(3) Recuse yourself from voting on the matter or transaction (if you are a director).