Skip Header

Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Home > News & Events > Press Releases

Press Releases

Appendix - Comments of the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency Regarding Proposed Regulation B

Table of Contents

I. Exception for Trust and Fiduciary Activities

  1. Chiefly Compensated Test
    1. Commission Proposal
    2. Banking Agency Recommendation
  2. Definition of Trustee and Fiduciary Capacity
    1. Trustee Capacity
    2. Investment Advice for a Fee
    3. Other Fiduciary and Similar Capacities
  3. Departments Regularly Examined For Compliance with Fiduciary Principles
  4. Flat or Capped Per Order Processing Fee

II. Administrative Exemptions Related to Trust and Fiduciary Activities

  1. Proposed Rule 242.721: Administrative Exemption Allowing Banks to Calculate their Compliance with the Chiefly Compensated Standard on a Bank-Wide or Business-Line Basis

    1. Percent Limit
    2. Exemption may force banks to use an account-by-account approach or nullify the effect of other exemptions
    3. Proposed Rule continues to require account-by-account reviews
  2. Proposed Rule 242.770: Administrative Exemption for Certain Types of Employee Benefit Plan Accounts
  3. Proposed Rule 242.720: Administrative exemption for certain living, testamentary and charitable trust accounts
  4. Proposed Rule 242.722: Administrative Exemption for Banks Using an Account-By-Account Approach to Compliance

III. Exception for Custodial and Safekeeping Activities

IV. Exception for “Networking” Arrangements

  1. Definition of “Nominal One-time Cash Fee of a Fixed Dollar Amount”
  2. Contingent on a Securities Transaction
  3. Bonus Programs

V. Exception for “Sweep” Activities

VI. Rule 3040

Last Updated 10/08/2004

Skip Footer back to content