Regulatory Alerts2019-06-25
Authorization Pursuant to the Idaho Trust Institutions Act
Mary Hughes, Acting Director of the Idaho Department of Finance, issued this memorandum to clarify regulatory requirements for state-chartered banks and credit unions. The document asserts that tax-advantaged savings plans, such as IRAs and health savings accounts, function similarly to standard deposit accounts with minimal trustee discretion. Consequently, the Director interprets the Idaho Trust Institutions Act as not intending to subject these specific accounts to the Act's trust institution regulations.
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