In response to the OCC’s advance notice of proposed rulemaking on fiduciary capacity and non-fiduciary custody activities, ABA today submitted a comment letter urging the agency not to proceed. The rulemaking under consideration would expand the OCC’s definition of services subject to fiduciary regulations, and also establish a new set of rules governing bank custody activities. ABA stressed that no compelling reason has been given for this regulation and asserted that such regulation would be counterproductive, leading to increased risks to OCC-regulated banks.
Federal cybersecurity office releases tips for consumers on avoiding holiday scams
The Office of Cybersecurity and Critical Infrastructure Protection has released a consumer advisory on avoiding cyber and online scams during the holiday season, including a warning about suspicious texts or emails claiming to come from financial institutions.