The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency filed a formal comment letter Friday with the Securities and Exchange Commission (SEC) regarding the SEC's proposed Regulation B.

Proposed Regulation B would implement the exceptions for bank “broker” activities that Congress adopted in the Gramm Leach-Bliley Act. These exceptions were designed to allow banks to continue to execute securities transactions in connection with their normal trust, fiduciary, custodial and other specified banking activities.