OCC finalizes rule allowing trust non-fiduciary custody

Mayer Brown partner Matthew Bisanz is quoted in this article regarding the OCC's rule allowing trust non-fiduciary custody. "I think what this rulemaking is trying to do is eliminate that translation," Bisanz said. "I'm sure someone back when [OCC licensing rules were updated] in 2003 was like, 'Everyone knows that fiduciary activities is the shorthand for activities of a Trust Company and activities related thereto.'" Bisanz added, "Now people are hyper fixated on it because there are all these various competitive concerns."