BPI Comments on OCC’s Anticipated Rulemakings on Fiduciary Capacity and Non-Fiduciary Custody Activities

BPI Comments on OCC’s Anticipated Rulemakings on Fiduciary Capacity and Non-Fiduciary Custody Activities

On June 28, BPI submitted a comment letter on the OCC’s advanced notice of proposed rulemaking (ANPR) exploring an update to the definition of “fiduciary capacity” to include directed trust-related activities and the issuance of a new regulatory framework establishing basic requirements for non-fiduciary custody activities of national banks. The letter urges against the OCC’s adoption of either contemplated rulemaking, arguing that they are unnecessary and could be counterproductive, without meaningful improvements in the OCC’s supervision of the services or benefits that bank customers receive from them.

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The views expressed do not necessarily reflect those of the Bank Policy Institute’s member banks, and are not intended to be, and should not be construed as, legal advice of any kind.