12 C.F.R. § 550.70 Must I obtain OTS approval or file a notice before I exercise fiduciary powers?
Title 12 - Banks and Banking
You should refer to the following chart to determine if you must obtain OTS approval or file a notice with OTS before you exercise fiduciary powers. This chart does not apply to activities that are exempt under subpart E of this part. [67 FR 76298, Dec. 12, 2002; 68 FR 2108, Jan. 15, 2003, as amended at 68 FR 75109, Dec. 30, 2003]
Title 12: Banks and Banking
PART 550—FIDUCIARY POWERS OF SAVINGS ASSOCIATIONS
Subpart A—Obtaining Fiduciary Powers
§ 550.70 Must I obtain OTS approval or file a notice before I exercise fiduciary powers?
------------------------------------------------------------------------ If you will conduct . . . Then . . .------------------------------------------------------------------------(a) Fiduciary activities for the first You must obtain prior approval time and OTS has not previously from OTS under §§ approved an application that you 550.80 through 550.120 before submitted under this part. you conduct the activities(b) Fiduciary activities that are You must obtain prior approval materially different from the from OTS under §§ activities that OTS has previously 550.80 through 550.120 before approved for you, including fiduciary you conduct the activities activities that OTS has previously approved for you that you have not exercised for at least five years.(c) Fiduciary activities that are not You must file a written notice materially different from the described at § 550.125 if activities that OTS has previously you commence the activities in approved for you. a new State. You do not need to file a written notice if you commence the activities at a new location in a State where you already conduct these activities.(d) Activities that are ancillary to You do not have to obtain prior your fiduciary business. OTS approval or file a notice with OTS.------------------------------------------------------------------------
