OCC Finalizes Trust Company Rule on Non-Fiduciary Custody

The U.S. Office of the Comptroller of the Currency issues national trust bank charters under the National Bank Act. These institutions have long provided non-fiduciary custody and safekeeping services alongside fiduciary activities, with nearly $2 trillion in assets held in related accounts. The rule affects whether fintech and digital asset companies can operate across state lines under a single federal charter, while also raising concerns among banks and state regulators about the expansion of federal authority.

On February 27, 2026, the OCC finalized an amendment to 12 CFR 5.20, replacing “fiduciary activities” with the statutory language “the operations of a trust company and activities related thereto.” The final rule was published in the Federal Register on March 2 and takes effect on April 1. After reviewing 19 comments, the OCC adopted the proposal without changes, stressing that it neither expands nor restricts its authority. Non-fiduciary custody and similar activities must still have a separate legal basis and will be reviewed case by case.