# Prohibited Service at Savings and Loan Holding Companies
> **Treasury** · Interim final rule with request for comment. · Published 2007-05-08 · Effective 2007-05-08 · 72 FR 25948
## Document
- **Document number:** E7-8677
- **Category:** other
- **Sub-agency:** Treasury
- **Federal Register citation:** 72 FR 25948
- **CFR reference:** 12 CFR 509
- **Publication date:** 2007-05-08
- **Effective date:** 2007-05-08
- **Treasury docket:** OTS-2007-0008
## Abstract

OTS is adopting an interim final rule implementing section 710(a) of the Financial Services Regulatory Relief Act of 2006, which added a new section 19(e) to the Federal Deposit Insurance Act (FDIA). Section 19(e) of the FDIA prohibits any person who has been convicted of any criminal offense involving dishonesty or a breach of trust, or money laundering or has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense from holding certain positions with respect to a savings and loan holding company (SLHC). The interim final rule describes the actions that are prohibited under the new statute and describes procedures for applying for an OTS order granting a case-by-case exemption. The rule also provides two regulatory exemptions: An exemption for certain SLHC employees whose activities and responsibilities are limited solely to agriculture, forestry, retail merchandising, manufacturing, or public utilities operations, and a temporary exemption for certain persons who held positions with respect to a SLHC as of the date of enactment of section 19(e) of the FDIA.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2007/05/08/E7-8677/prohibited-service-at-savings-and-loan-holding-companies)
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