12 C.F.R. Subpart E—Activities Exempt From This Part
Title 12 - Banks and Banking
Subject to the requirements of this subpart E, you do not need OTS approval under subpart B if you conduct fiduciary activities in the following fiduciary capacities: (a) Trustee of a trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan qualifying for specific tax treatment under section 401(d) of the Internal Revenue Code of 1954 (26 U.S.C. 401(d)). (b) Trustee or custodian of a Individual Retirement Account within the meaning of section 408(a) of the Internal Revenue Code of 1954 (26 U.S.C. 408(a)). [62 FR 67703, Dec. 30, 1997, as amended at 67 FR 76299, Dec. 12, 2002] You must observe principles of sound fiduciary administration, including those related to recordkeeping and segregation of assets. If you act in an exempt fiduciary capacity under §550.580, the funds of the fiduciary account may be invested only in the following: (a) Your accounts, deposits, obligations, or securities. (b) Other assets as the customer may direct, provided you do not exercise any investment discretion and do not directly or indirectly provide any investment advice for the fiduciary account. [62 FR 67703, Dec. 30, 1997, as amended at 67 FR 76299, Dec. 12, 2002] If you act in an exempt fiduciary capacity under §550.580 and fiduciary investments are not limited to accounts or deposits insured by the FDIC, you must include the following language in bold type on the first page of any contract documents:
Funds invested pursuant to this agreement are not insured by the Federal Deposit Insurance Corporation (“FDIC”) merely because the trustee or custodian is a Federal savings association the accounts of which are covered by such insurance. Only investments in the accounts of a Federal savings association are insured by the FDIC, subject to its rules and regulations. You may receive reasonable compensation.
Title 12: Banks and Banking
PART 550—FIDUCIARY POWERS OF SAVINGS ASSOCIATIONS
Subpart E—Activities Exempt From This Part
§ 550.580 When may I conduct fiduciary activities without obtaining OTS approval?
§ 550.590 What standards must I observe when acting in exempt fiduciary capacities?
§ 550.600 How may funds be invested when I act in an exempt fiduciary capacity?
§ 550.610 What disclosures must I make when acting in exempt fiduciary capacities?
§ 550.620 May I receive compensation for acting in exempt fiduciary capacities?
