Fiduciary Activities

The OCC regulates the fiduciary activities of national banks and federal savings associations (FSAs), including the administration of collective investment funds (CIFs), pursuant to 12 U.S.C. 92a and 12 U.S.C. 1464(n), respectively. Twelve CFR part 9 contains the regulations that national banks must follow when conducting fiduciary activities and 12 CFR part 150 contains the regulations that FSAs must follow when conducting fiduciary activities. Regulations adopted by the Office of Thrift Supervision, now recodified as OCC rules pursuant to title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act, have long required FSAs to comply with the requirements of the OCC’s CIF regulation. Thus, the OCC’s CIF regulation in 12 CFR 9.18 governs CIFs managed by both national banks and FSAs. Twelve CFR parts 9 and §§ 150.410 - 150.430 require national banks and FSAs with fiduciary powers to retain all fiduciary records relating to an account for a period of three years after termination of the account or of related litigation. These regulations also require that national banks and FSAs note the results of fiduciary activities annually in the minutes of the board of directors. Both of these requirements are needed to ensure safety and soundness in fiduciary activities. Additionally, to ensure that the OCC has current information on which national banks and FSAs have fiduciary powers, parts 9 and 150 require a bank or FSA to file a certified copy of a board resolution in order to surrender fiduciary powers. This supporting statement is being submitted pursuant to an interim final rule titled “Collective Investment Funds: Prior Notice Period for Withdrawals.” The interim final rule states that, with the OCC’s approval, a bank may withdraw an account from a collective investment fund up to one year after the end of the prior notice period. In addition, a bank may request that the OCC approve an extension beyond the one-year extension period. The OCC must determine that the bank has made a good faith effort to satisfy withdrawal requests and has been unable to do so without causing harm to participants due to economic and market conditions. Extensions must be requested and approved annually, for a maximum of two years after the initial one-year extension period.

The latest form for Fiduciary Activities expires 2021-03-31 and can be found here.