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How are Trust Companies Regulated?

Last Updated: May 07, 2015 02:54PM UTC

Trust companies have two sets of legal and regulatory requirements to contend with:

  1. State Chartered-Trust Companies are regulated by the governing body of their home state. In the case of itBit, this is the New York State Department of Financial Services. The mission of the Department, according to its website, is to: "foster the growth of the financial industry in New York and spur state economic development through judicious regulation and vigilant supervision; ensure the continued solvency, safety, soundness and prudent conduct of the providers of financial products and services; ensure fair, timely and equitable fulfillment of the financial obligations of such providers; protect users of financial products and services from financially impaired or insolvent providers of such services; encourage high standards of honesty, transparency, fair business practices and public responsibility; eliminate financial fraud, other criminal abuse and unethical conduct in the industry; and educate and protect users of financial products and services and ensure that users are provided with timely and understandable information to make responsible decisions about financial products and service".

  2. Federal and state laws applicable to particular fiduciary relationships govern a trust company's responsibilities as trustee or fiduciary. State laws, such as the Trust Law contained in the New York Probate Code, govern fiduciary responsibilities to personal trusts and other non-ERISA trusts.

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