Regulatory Alerts2000-12-28
National Bank Fiduciary Activities with or without Physical Presence in Pennsylvania
The Pennsylvania Department of Banking issued this letter to confirm that national banks may serve as trustees in the Commonwealth following the enactment of Act 89 of 2000. This legislation amended the Banking Code to permit out-of-state and national banks to engage in fiduciary activities in Pennsylvania with or without a physical presence. The Department's position relies on the authority granted to national banks under section 92a of the National Bank Act and relevant Office of the Comptroller of the Currency interpretations.
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