Interim final rules adopted by the SEC The interim final rules as currently written are, in many respects, not consistent with the language or purposes of the GLB Act and would impose unnecessary costs and burdens on banks and their customers. In the interest of time, I will focus only on some of our most significant concerns with the substantive provisions of the rules.
A more detailed discussion of our numerous concerns is included in the comment letter issued jointly by the Federal Reserve, the OCC, and the FDIC. Trust and fiduciary activities We are most concerned with the provisions of the interim final rules that implement the statutory exception for the trust and fiduciary activities of banks.