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#9236 - 01/22/02 04:34 PM fiduciary capacity?
complyguy Offline
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complyguy
Joined: May 2001
Posts: 494
PA
The OCC Call Report has a new section RC-T for 12/31/01 reporting. It leads with the Y/N question "does the bank engage in fiduciary activities?", then goes on to describe in general terms what would be included. We don't have a trust dept., but are unclear whether our custodial capacity under traditional and Roth IRAs puts us into this category. What are others in the same category doing?

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#9237 - 01/22/02 07:59 PM Re: fiduciary capacity?
KSK Offline
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KSK
Joined: Jul 2001
Posts: 357
Kansas
Generally when acting as a custodian, you are not acting in a fiduciary capacity. When acting in the capacity of Trustee however; you are. Carefully read the IRA documents and it should define in what capacity you serve and what if any investment authority or discretion you hold.

If you are an OCC regulated institution, I suggest applying their definition of a fiduciary - "Providing Investment Advice for a Fee"

I didn't really answer your question, but I hope this information helps.


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#9238 - 01/23/02 02:02 PM Re: fiduciary capacity?
complyguy Offline
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complyguy
Joined: May 2001
Posts: 494
PA
Thanks, Karen. We did read the documents, and they didn't seem to indicate what would be considered fiduciary responsibilities. Our IRA CDs are simple deposits, with no investment discretion on our part. So, unless someone sends a screaming contrary opinion in the next day or so, we'll go with "no" to the fiduciary capacity question.

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#9239 - 01/23/02 08:53 PM Re: fiduciary capacity?
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
I believe I would call my OCC compliance liasion for clarification. You know about that ASSUME thing!
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