The Office of the Comptroller of the Currency is proposing to amend its chartering regulations to clarify that national banks limited to the operations of trust companies may engage in nonfiduciary activities.
According to the proposed rule, the OCC would remove references to “fiduciary activities” in its regulation listing what activities a special purpose bank may engage in. It would replace the references with “the operations of a trust company or activities related thereto.”
The revision would “clarify the longstanding authority of national banks limited to the operations of trust companies and activities related thereto to engage in nonfiduciary activities in addition to their fiduciary activities,” the OCC said in a bulletin. The proposed changes “neither expand nor contract the OCC’s authority to charter a national bank.”
Comments are due 30 days after publication in the Federal Register.
