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Home Page > Executive Branch > Code of Federal Regulations > Electronic Code of Federal Regulations
e-CFR Data is current as of February 4, 2010
TITLE 12--Banks and Banking
CHAPTER V--OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY
PART 550--FIDUCIARY POWERS OF SAVINGS ASSOCIATIONS
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| What regulations govern the fiduciary operations of savings associations? |
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| What are fiduciary powers? |
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| What fiduciary capacities does this part cover? |
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| When do I have investment discretion? |
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| What is a fiduciary account? |
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| What other definitions apply to this part? |
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Subpart A--OBTAINING FIDUCIARY POWERS
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| Must I obtain OTS approval or file a notice before I exercise fiduciary powers? |
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| How do I obtain OTS approval? |
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| What information must I include in my application? |
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| What factors may the OTS consider in its review of my application? |
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| Who will act on my application? |
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| What action will the OTS take on my application? |
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| How do I file the notice under 550.70(c)? |
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Subpart B--EXERCISING FIDUCIARY POWERS
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| How may I conduct multi-state operations? |
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| How do I determine which State's laws apply to my operations? |
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| To what extent do State laws apply to my fiduciary operations? |
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| Must I adopt and follow written policies and procedures in exercising fiduciary powers? |
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| Who is responsible for the exercise of fiduciary powers? |
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| What personnel and facilities may I use to perform fiduciary services? |
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| May my other departments or affiliates use fiduciary personnel and facilities to perform other services? |
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| May I perform fiduciary services for, or purchase fiduciary services from, another association or entity? |
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| Must fiduciary officers and employees be bonded? |
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| Must I review a prospective account before I accept it? |
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| Must I conduct another review of an account after I accept it? |
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| Are any other account reviews required? |
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| Who must maintain custody or control of assets in a fiduciary account? |
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| May I hold investments of a fiduciary account off-premises? |
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| Must I keep fiduciary assets separate from other assets? |
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| How may I invest funds of a fiduciary account? |
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| What must I do with fiduciary funds awaiting investment or distribution? |
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| Where may I deposit fiduciary funds awaiting investment or distribution? |
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| What if the FDIC does not insure the deposits? |
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| What is acceptable collateral for uninsured deposits? |
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| Are there investments in which I may not invest funds of a fiduciary account? |
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| May I exercise rights to purchase additional stock or fractional shares of my stock or obligations or the stock or obligations of my affiliates? |
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| May I lend, sell, or transfer assets of a fiduciary account if I have an interest in the transaction? |
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| May I make a loan to a fiduciary account that is secured by an interest in the assets of the account? |
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| May I sell assets or lend money between fiduciary accounts? |
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| May I earn compensation for acting in a fiduciary capacity? |
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| May my officer or employee retain compensation for acting as a co-fiduciary? |
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| May my fiduciary officer or employee accept a gift or bequest? |
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| What records must I keep? |
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| How long must I keep these records? |
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| Must I keep fiduciary records separate and distinct from other records? |
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| When do I have to audit my fiduciary activities? |
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| What standards govern the conduct of the audit? |
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| Who may conduct an audit? |
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| Who directs the conduct of the audit? |
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| How do I report the results of the audit? |
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Subpart C--DEPOSITING SECURITIES WITH STATE AUTHORITIES
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| When must I deposit securities with State authorities? |
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| How much must I deposit if I administer fiduciary assets in more than one State? |
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| What must I do if State authorities refuse my deposit? |
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Subpart D--TERMINATING FIDUCIARY ACTIVITIES
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| What happens if I am placed in receivership or voluntary liquidation? |
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| How do I surrender fiduciary powers? |
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| When will the OTS terminate my fiduciary powers? |
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| May I recover my deposit from State authorities? |
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| When may the OTS revoke my fiduciary powers? |
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| What procedures govern the revocation? |
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Subpart E--ACTIVITIES EXEMPT FROM THIS PART
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| When may I conduct fiduciary activities without obtaining OTS approval? |
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| What standards must I observe when acting in exempt fiduciary capacities? |
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| How may funds be invested when I act in an exempt fiduciary capacity? |
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| What disclosures must I make when acting in exempt fiduciary capacities? |
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| May I receive compensation for acting in exempt fiduciary capacities? |
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