The interpretation of this exception currently reflected in the interim final rules, however, would significantly disrupt the customary trust and fiduciary activities of banks and is at odds with both the language and purposes of the exception.
Most importantly, the interim final rules provide that a bank qualifies for the exception only if each of its trust and fiduciary accounts independently meets the act's "chiefly compensated" requirement. We strongly believe that the act's "chiefly compensated" requirement was intended to apply to a bank's aggregate trust and fiduciary activities and not on an account-by-account basis.