News | 05.08.19
OCC Mulls Fiduciary Regulations Similar to State Trust Laws
The Office of the Comptroller of the Currency (OCC) is mulling updating its fiduciary regulations to be consistent with recent developments under state laws. The OCC plan states that “numerous states have modified their trust laws in recent years to define and set expectations for various trust-related roles. ... Because some of these state laws frequently describe these roles by using terms other than those specified in the OCC definition of 'fiduciary capacity' … these state fiduciary roles may not explicitly be included in the OCC's definition. As a result, this expanding list of fiduciary roles under state law may create uncertainty for banks about the activities governed by OCC fiduciary rules.” The scope of fiduciary capacity includes investment advisors, if the bank receives a fee for its investment advice.
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