A proposed rule to “clarify” the authority of national trust banks to engage in non-fiduciary activities in addition to their fiduciary activities is slated for publication in the ˆ Monday with a 30-day comment period attached.
The Office of the Comptroller of the Currency (OCC) said in a bulletin Thursday that it is proposing the rule to more closely align with its statutory authorization to charter national banks limited to the operations of a trust company and “activities related thereto.”
In its notice for the Federal Register, the agency alludes to concern that its rule changes in 2003 regarding special purpose banks might be taken to circumscribe national trust bank activities, in other words, “to prohibit a national trust bank from engaging in non-fiduciary activities.”
The OCC said it currently supervises approximately 60 national trust banks. It said the majority of them are uninsured, but a few hold deposits and are insured by the Federal Deposit Insurance Corp. (FDIC).
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