OCC Bulletin 2015-12| February 10, 2015
Personal Fiduciary Activities: Revised Comptroller's Handbook Booklet
Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties
The Office of the Comptroller of the Currency (OCC) issued today the “Personal Fiduciary Activities” booklet of the Comptroller’s Handbook. This revised booklet replaces a similarly titled booklet issued in August 2002.
This booklet provides updated guidance for examiners on risks and expected controls over personal fiduciary activities that may arise as part of the broader fiduciary and asset management activities of national banks or federal savings associations (collectively, banks). This booklet explains the risks inherent in offering personal fiduciary products and services and provides a framework for managing those risks.
Note for Community Banks
This booklet applies to examinations of all banks that engage in personal fiduciary activities.
Specifically, the “Personal Fiduciary Activities” booklet
- updates references to laws and regulations to include those applicable to federal savings associations.
- clarifies and expands guidance applicable to current business practices, particularly when banks act as directed trustees under state trust laws.
- updates risk management guidance.
- updates references.
- provides a Personal Account Review Worksheet.
For further information, contact Joel Miller, Asset Management Group Leader, Credit and Market Risk Division, at (202) 649-6360.
Jennifer C. Kelly
Senior Deputy Comptroller and Chief National Bank Examiner
- “Personal Fiduciary Activities” (PDF)