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OCC Fiduciary Powers - Comptrollers Licensing Manual - Real Example:

OCC Fiduciary Powers - Comptrollers Licensing Manual - Real Example:

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Published by Mary Cochrane
OCC Fiduciary Powers - Comptrollers Licensing Manual

Investigative: 12 CFR 5.7

OCC Fiduciary Powers - Comptrollers Licensing Manual

Investigative: 12 CFR 5.7

More info:

Categories:Types, Business/Law
Published by: Mary Cochrane on Apr 03, 2013
Copyright:Attribution Non-commercial


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Fiduciary Powers
Expansionary Activities
Comptroller’s Licensing Manual
Washington, DCJune 2002
Fiduciary Powers
Table of Contents
 Introduction 1Applicability 1Definitions 2Key Policies 3General 3Decision Criteria 3Special Conditions 4Summary of Process 4Expedited Review 5After-the-fact Notice 5Commencement of Activity 5Surrender or Revocation of Fiduciary Powers 6Surrender 6Revocation 6Procedures: Filing the Application 7Procedures: After-the-fact Notice 10Procedures: Surrender of Fiduciary Powers 12References 13
 A national bank that wishes to commence fiduciary powers must obtainapproval from the Comptroller of the Currency (OCC). This bookletaddresses the policies and procedures to guide a national bank in submittinga request to exercise these fiduciary powers or a notice that a bank isexercising fiduciary powers in a new state.The corporate filing requirement that describes procedures for fiduciarypowers, 12 CFR 5.26(e), clarifies the circumstances under which the OCCrequires a bank to obtain approval to exercise those powers. It also states thatapproval of a fiduciary (trust) powers application constitutes a permit under 12 USC 92a to conduct such activities. Accordingly, the OCC will not issue aseparate permit document.This booklet also addresses the procedures for a national bank to surrender itsfiduciary powers and for the OCC to revoke those powers.
When a national bank decides to expand its business by offering fiduciaryservices, the OCC requires it to seek prior approval before offering suchservices to the public. A state bank or a federal or state savings associationwith fiduciary powers that converts to a national bank or merges into anational bank not previously authorized to exercise fiduciary powers alsomust seek OCC approval.The OCC requires a national bank with OCC-approved fiduciary powers tofile an after-the-fact notice when it begins fiduciary activities in a new state.A separate application for fiduciary powers is
required when:
One or more national banks merge or consolidate with a national bankthat has fiduciary powers.
A national bank with fiduciary powers is the resulting bank in a merger or consolidation with a state bank.
An applicant applies to organize a special-purpose charter for a nationalbank limited to fiduciary or trust activities using 12 CFR 5.20.
An operating subsidiary exercises fiduciary powers if its parent bank hasbeen authorized to exercise them.
A national bank authorized to engage in trust activities under 12 USC92a establishes a trust office.

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