Comment Letter Issued on the SECs Proposed
Broker Rules for Banks
The Federal
Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the
Comptroller of the Currency filed a formal comment letter today with the
Securities and Exchange Commission (SEC) regarding the SECs proposed Regulation B.
Proposed
Regulation B would implement the exceptions for bank broker activities that
Congress adopted in the Gramm‑Leach-Bliley Act. These exceptions were designed to allow banks to continue to
execute securities transactions in connection with their normal trust,
fiduciary, custodial and other specified banking activities.
The agencies
comment letter and appendix are attached.
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Media Contacts:
Federal Reserve David
Skidmore (202) 452-2955
FDIC David
Barr (202)
898-6992
OCC Dean
DeBuck (202) 874-5770