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Joint Press Release Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

For Immediate Release
October 8, 2004

Comment Letter Issued on the SEC's 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 Friday with the Securities and Exchange Commission (SEC) regarding the SEC's 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.

Attachment (787 KB PDF)

Media Contacts:
Federal Reserve David Skidmore 202-452-2955
FDIC David Barr 202-898-6992
OCC Dean DeBuck 202-874-5770

2004 Banking and consumer regulatory policy

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Last update: October 8, 2004