I believe that it is instructive to remember the context in which Congress adopted this change. Importantly, the replacement of the general exemption for banks with more-targeted exemptions was not in response to problems at banks providing trust and fiduciary or other traditional banking products and services.
In fact, Congress recognized that banks have provided these services, and I quote, “without any problems for years.” Moreover, Congress recognized that banks have the expertise and customer relationships that make them uniquely qualified to provide these products and services. In particular, Congress expressed its expectation that the GLB Act would not disturb traditional bank trust activities.