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Commercial Bank Examination Manual, Section 5000—OTHER EXAMINATION AREAS The 5000 series of sections provide background have subject matter expertise or specialized on the supervisory assessment of certain bank training. More specifically, there is a section on activities in which a state member bank may or a bank’s fiduciary or asset and wealth manage- may not engage. These examination activities ment activities. There are also sections that are are sometimes referred to as “specialty exami- salient to the supervisory assessment of infor- nations” and are conducted by examiners who mation technology and payment systems risks. Commercial Bank Examination Manual May 2021 Page 1 Fiduciary Activities Effective date April 2013 Section 5200.1 Fiduciary activities and other related services unique risk profile; and (3) reviews of risk generally include traditional trust services, such identification, measurement, monitoring, and as personal trust, corporate trust, and transfer- control. Examiners should use the state member agent services and employee benefit account bank’s control disciplines (internal audit, risk products and services, as well as custody and management, and compliance program) when- securities-lending services, clearing and settle- ever possible. ment, private banking, asset management, and Examiners have access to a broad variety of investment advisory activities. (See SR-01-5.) FRS supervisory information and analytical sup- Pursuant to 12 USC 24 (seventh), 92a, and port tools to evaluate the fiduciary activities of 93a, the Office of the Comptroller of the Cur- financial institutions. The Uniform Bank Perfor- rency (OCC) has established standards (the mance Report (UBPR) can assist examiners in OCC rules for fiduciary activities of national evaluating a state member bank’s fiduciary busi- banks). These rules are typically considered the ness lines or activities relative to its peers. (See industry standard for fiduciary activities of all the UBPR, pages Trust 1 and Trust 1A.) Begin- financial institutions operating in the United ning with the December 2002 release, ‘‘Section States. (See 12 CFR 9.) When considering II: Technical Information’’ of the UBPR User’s whether a state member bank has adhered to Guide (available online at www.ffiec.gov/ industry standards for fiduciary activities, Fed- ubprguide.htm) discusses the availability of the eral Reserve System (FRS) examiners can refer Total Fiduciary Assets within a fiduciary group to the guidance set forth in the OCC rules and number (peer group). (See page II-3.) ‘‘Total FRS and OCC examination manuals, as well as Fiduciary Assets’’ are the totals of managed and the examination materials issued by other U.S. nonmanaged fiduciary assets for FDIC-insured financial institution regulatory agencies. With commercial and savings banks, as reported on respect to a state member bank subsidiary, the Schedule RC-T of the call report. appropriate bank, thrift, or functional regulator has the primary supervisory responsibility for evaluating risks, hedging, and risk management at the legal-entity level for the entity that the COMPLEX FIDUCIARY regulator supervises. (See SR-00-13.) Examin- ORGANIZATIONS ers should seek to use the examination findings of the functional regulator. SR-01-5 explains that complex fiduciary orga- A risk-focused fiduciary examination concen- nizations are those banking organizations that trates on understanding and evaluating risk and conduct significant or complex fiduciary activi- assessing the internal controls the state member ties. This includes large complex banking orga- bank has employed to manage risk. The program nizations (LCBOs), other large or regional insti- encompasses continuous monitoring; targeted tutions for which fiduciary activities represent a reviews of fiduciary activities; preparation of significant portion of their business, and clear- supervisory risk profiles and assessments; and ing agencies registered with the Securities and the development of supervisory plans, which are Exchange Commission (SEC) for which the integrated into the preplanning of an examina- Federal Reserve is the primary supervisor. The tion. Conclusions are used to develop an overall fiduciary-examination frequency should be deter- safety-and-soundness evaluation of the state mined on the basis of the impact that fiduciary member bank’s fiduciary activities. activities have on the organization’s risk profile. (See SR-96-10.) At a minimum, all material fiduciary business The Federal Reserve System’s fiduciary- lines should be subject to examination over a examination program reviews and assesses the two-year period or examination cycle as part of risk-management practices and related aspects the continuous supervision process, with higher- of a state member bank’s fiduciary activities. risk areas generally reviewed annually. This approach results in (1) the use of a more Composite Uniform Interagency Trust Rating diversified examiner population, including those System (UITRS) ratings and transfer-agent rat- with capital-markets, information systems, and ings reflecting the overall condition of the fidu- safety-and-soundness experience; (2) an empha- ciary function at each institution, and any com- sis on assessing the individual organization’s ponent ratings considered relevant, should be Commercial Bank Examination Manual April 2013 Page 1 5200.1 Fiduciary Activities assigned or updated in a timely manner on the ment. Material examination findings should be basis of the results of examinations, targeted integrated into the overall examination report reviews, or other assessments of fiduciary for the institution, which should clearly indicate activities. UITRS ratings do not need to be the significance of any findings to the safety and assigned for each targeted business-line review. soundness of the institution and the impact of However, at a minimum, composite UITRS and the findings on any relevant risk assessments transfer-agent ratings should be updated annu- and risk-management ratings. ally, and any material findings related to these areas should be included in the annual summary supervisory report. Any significant concerns ORGANIZATIONS WITH should be reflected in the safety-and-soundness examination ratings. Fiduciary risks and SUPERVISORY CONCERNS fiduciary-risk management assessments should Organizations whose fiduciary activities have also be reflected in the relevant risk-assessment raised supervisory concerns should be subject to and risk-management ratings for the banking an additional level of supervisory attention on organization, as necessary. the basis of the severity of those supervisory concerns. Generally, this would include those organizations with a composite UITRS rating of OTHER INSTITUTIONS OFFERING 3, 4, or 5; a transfer-agent rating of B or C; or FIDUCIARY AND TRANSFER- significant deficiencies in one or more AGENT SERVICES component-rating categories. In the case of an institution assigned a UITRS rating of 4 or 5 or The frequency of fiduciary and transfer-agent a transfer-agent rating of C, supervisory action examinations for other institutions, generally should be initiated promptly and continued until smaller state-chartered Federal Reserve member the problems or deficiencies have been appro- banks and trust companies with noncomplex priately addressed. operations, should be determined on the basis of Under the Securities and Exchange Act of the significance of their fiduciary and transfer- 1934, the Federal Reserve continues to be agent activities and an assessment of the level of responsible for examining transfer agents and risk the activities present to the institution. This clearing agencies for which it is the primary scheduling guidance also applies to initial supervisor, including reviewing compliance with examinations of new institutions and to those SEC rules. Any material violations of transfer- institutions subject to Federal Reserve supervi- agent or clearing-agency rules must be reported sion as a result of a charter conversion. promptly to Board staff to facilitate coordination with the SEC. At a minimum, fiduciary activities should be reviewed no less frequently than during every other routine safety-and-soundness examina- tion. Examinations governed by alternating RISK PROFILE OF FIDUCIARY examination programs with state banking ACTIVITIES authorities may continue to be performed in accordance with those arrangements or as nec- Regular supervisory assessments of the risk of essary to incorporate the provisions of SR-01-5. fiduciary activities, as outlined in SR-01-5, sup- Examinations of fiduciary activities at noncom- port the supervisory process. Risk profiles for plex limited-purpose trust companies and other LCBOs are updated quarterly. These risk pro- fiduciary institutions subject to supervision by files should include explicit consideration of the the Federal Reserve that do not receive routine risks of fiduciary activities. For other complex safety-and-soundness examinations should be fiduciary organizations, risk profiles reflecting conducted no less frequently than every two fiduciary activities should be prepared and up- years. dated as needed, but no less frequently than Composite UITRS and transfer-agent exami- annually. For these organizations, supervisory nation ratings reflecting the overall condition of plans should detail the fiduciary specialist’s the function, and any component ratings consid- recommended examination coverage of fidu- ered relevant, should be assigned or updated at ciary activities. For banking organizations the completion of the examination or assess- supervised
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