Trust Examiner School - September 2023

Internal Use Only

Trust Company • Term can be misleading •Use of “trust” in name •Can only rely on the errors & omissions insurance coverage

Trust Department • Errors & omissions insurance coverage; and •Backing of bank/bank holding company

25

Internal Use Only

Trust Company

Deposits • State ‐ chartered cannot accept, generally • Limitation distinguishes from banks • Separate charters

OCC • Charters &

Historically

• Held &

regulates limited ‐ purpose national trust banks • Fiduciary powers in all states

safeguarded client assets

• Form & act as trustee for common trust

funds & collective investment trusts

26