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OCC Explores Changes to Fiduciary Capacity Definition and Requirements for Non-Fiduciary Custodial Activities

May 3, 2019, Covington Alert

On April 29, 2019, the Office of the Comptroller of the Currency (OCC) issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comment on expansion of the term “fiduciary capacity” in part 9 and part 150 of the OCC’s regulations to include certain trust-related roles authorized under state law, potentially including roles that do not involve investment discretion, and promulgation of a rule to codify standards applicable to non-fiduciary custodial activities.

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