Comment letter issued on the SEC's proposed broker rules for banks.The Federal Reserve Board, the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. , and the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. filed a formal comment letter on October 8, 2004, with the Securities and Exchange Commission (SEC) regarding the SEC's proposed Regulation B. Proposed Regulation B would implement the exceptions for bank broker activities that the Congress adopted in the Gramm-Leach-Bliley Act The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition . These exceptions were designed to allow banks to continue to execute securities transactions in connection with their normal trust, fiduciary fiduciary (fĭd  `shēĕ'rē), in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. , custodial, and other specified banking activities.
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