---
kind: "section"
citation: "12 U.S.C. § 92a"
title: "12"
title_heading: "Banks and Banking"
number: "92a"
heading: "Trust powers"
release: "119-102"
url: "https://uscodex.org/usc/12/92a"
units:
  - "Chapter 2 — National Banks"
  - "Subchapter IV — Regulation of the Banking Business; Powers and Duties of National Banks"
---

# §92a. Trust powers

- (a) **Authority of Comptroller of the Currency—** The Comptroller of the Currency shall be authorized and empowered to grant by special permit to [national banks](/usc/12/221a.md?p=a) applying therefor, when not in contravention of [State](/usc/12/1707.md?p=d) or local law, the right to act as trustee, executor, [administrator](/usc/12/4702.md?p=1), registrar of stocks and bonds, guardian of estates, assignee, receiver, or in any other fiduciary capacity in which [State banks](/usc/12/1835a.md?p=e-1), trust [companies](/usc/12/24a.md?p=g-1), or other [corporations](/usc/12/2277a.md?p=2) which come into competition with [national banks](/usc/12/221a.md?p=a) are permitted to act under the laws of the [State](/usc/12/1707.md?p=d) in which the [national bank](/usc/12/221a.md?p=a) is located.
- (b) **Grant and exercise of powers deemed not in contravention of State or local law—** Whenever the laws of such [State](/usc/12/1707.md?p=d) authorize or permit the exercise of any or all of the foregoing powers by [State banks](/usc/12/1835a.md?p=e-1), trust [companies](/usc/12/24a.md?p=g-1), or other [corporations](/usc/12/2277a.md?p=2) which compete with [national banks](/usc/12/221a.md?p=a), the granting to and the exercise of such powers by [national banks](/usc/12/221a.md?p=a) shall not be deemed to be in contravention of [State](/usc/12/1707.md?p=d) or local law within the meaning of this section.
- (c) **Segregation of fiduciary and general assets; separate books and records; access of State banking authorities to reports of examinations, books, rec­ords, and assets—** [National banks](/usc/12/221a.md?p=a) exercising any or all of the powers enumerating[^1] in this section shall segregate all assets held in any fiduciary capacity from the general assets of the [bank](/usc/12/1426a.md?p=g-1) and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this section. The State banking authorities may have access to reports of examination made by the Comptroller of the Currency insofar as such reports relate to the trust department of such [bank](/usc/12/1426a.md?p=g-1), but nothing in this section shall be construed as authorizing the State banking authorities to examine the books, records, and assets of such [bank](/usc/12/1426a.md?p=g-1).
- (d) **Prohibited operations; separate investment account; collateral for certain funds used in conduct of business—** No [national bank](/usc/12/221a.md?p=a) shall receive in its trust department [deposits](/usc/12/5301.md?p=18-A) of current [funds](/usc/12/4702.md?p=10) subject to check or the [deposit](/usc/12/5301.md?p=18-A) of checks, drafts, bills of exchange, or other items for collection or exchange purposes. [Funds](/usc/12/4702.md?p=10) deposited or held in trust by the [bank](/usc/12/1426a.md?p=g-1) awaiting investment shall be carried in a separate account and shall not be used by the [bank](/usc/12/1426a.md?p=g-1) in the conduct of its business unless it shall first set aside in the trust department United States bonds or other securities approved by the Comptroller of the Currency.
- (e) **Lien and claim upon bank failure—** In the event of the failure of such [bank](/usc/12/1426a.md?p=g-1) the [owners](/usc/12/4146.md?p=2) of the [funds](/usc/12/4702.md?p=10) held in trust for investment shall have a lien on the bonds or other securities so set apart in addition to their claim against the estate of the [bank](/usc/12/1426a.md?p=g-1).
- (f) **Deposits of securities for protection of private or court trusts; execution of and exemption from bond—** Whenever the laws of a [State](/usc/12/1707.md?p=d) require [corporations](/usc/12/2277a.md?p=2) acting in a fiduciary capacity to [deposit](/usc/12/5301.md?p=18-A) securities with the [State](/usc/12/1707.md?p=d) authorities for the protection of private or court trusts, [national banks](/usc/12/221a.md?p=a) so acting shall be required to make similar [deposits](/usc/12/5301.md?p=18-A) and securities so deposited shall be held for the protection of private or court trusts, as provided by the [State](/usc/12/1707.md?p=d) law. [National banks](/usc/12/221a.md?p=a) in such cases shall not be required to execute the bond usually required of individuals if [State](/usc/12/1707.md?p=d) [corporations](/usc/12/2277a.md?p=2) under similar circumstances are exempt from this requirement. [National banks](/usc/12/221a.md?p=a) shall have power to execute such bond when so required by the laws of the [State](/usc/12/1707.md?p=d).
- (g) **Officials’ oath or affidavit—** In any case in which the laws of a [State](/usc/12/1707.md?p=d) require that a [corporation](/usc/12/2277a.md?p=2) acting as trustee, executor, [administrator](/usc/12/4702.md?p=1), or in any capacity specified in this section, shall take an oath or make an affidavit, the president, vice president, cashier, or trust officer of such [national bank](/usc/12/221a.md?p=a) may take the necessary oath or execute the necessary affidavit.
- (h) **Loans of trust funds to officers and employees prohibited; penalties—** It shall be unlawful for any [national banking association](/usc/12/221a.md?p=a) to lend any officer, [director](/usc/12/2279bb.md?p=3), or employee any [funds](/usc/12/4702.md?p=10) held in trust under the powers conferred by this section. Any officer, [director](/usc/12/2279bb.md?p=3), or employee making such loan, or to whom such loan is made, may be fined not more than $5,000, or imprisoned not more than five years, or may be both fined and imprisoned, in the discretion of the court.
- (i) **Considerations determinative of grant or denial of applications; minimum capital and surplus for issuance of permit—** In passing upon applications for permission to exercise the powers enumerated in this section, the Comptroller of the Currency may take into consideration the amount of [capital](/usc/12/51c.md) and surplus of the applying [bank](/usc/12/1426a.md?p=g-1), whether or not such [capital](/usc/12/51c.md) and surplus is sufficient under the circumstances of the case, the needs of the community to be served, and any other facts and circumstances that seem to him proper, and may grant or refuse the application accordingly: Provided, That no permit shall be issued to any [national banking association](/usc/12/221a.md?p=a) having a [capital](/usc/12/51c.md) and surplus less than the [capital](/usc/12/51c.md) and surplus required by [State](/usc/12/1707.md?p=d) law of [State banks](/usc/12/1835a.md?p=e-1), trust [companies](/usc/12/24a.md?p=g-1), and [corporations](/usc/12/2277a.md?p=2) exercising such powers.
- (j) **Surrender of authorization; board resolution; Comptroller certification; activities affected; regulations—** Any [national banking association](/usc/12/221a.md?p=a) desiring to surrender its right to exercise the powers granted under this section, in order to relieve itself of the necessity of complying with the requirements of this section, or to have returned to it any securities which it may have deposited with the [State](/usc/12/1707.md?p=d) authorities for the protection of private or court trusts, or for any other purpose, may file with the Comptroller of the Currency a certified copy of a resolution of its [board](/usc/12/221a.md?p=a) of [directors](/usc/12/2279bb.md?p=3) signifying such desire. Upon receipt of such resolution, the Comptroller of the Currency, after satisfying himself that such [bank](/usc/12/1426a.md?p=g-1) has been relieved in accordance with [State](/usc/12/1707.md?p=d) law of all duties as trustee, executory,[^2] [administrator](/usc/12/4702.md?p=1), registrar of stocks and bonds, guardian of estates, assignee, receiver, or other fiduciary, under court, private, or other appointments previously accepted under authority of this section, may, in his discretion, issue to such [bank](/usc/12/1426a.md?p=g-1) a certificate certifying that such [bank](/usc/12/1426a.md?p=g-1) is no longer authorized to exercise the powers granted by this section. Upon the issuance of such a certificate by the Comptroller of the Currency, such [bank](/usc/12/1426a.md?p=g-1) (1) shall no longer be subject to the provisions of this section or the regulations of the Comptroller of the Currency made pursuant thereto, (2) shall be entitled to have returned to it any securities which it may have deposited with the [State](/usc/12/1707.md?p=d) authorities for the protection of private or court trusts, and (3) shall not exercise thereafter any of the powers granted by this section without first applying for and obtaining a new permit to exercise such powers pursuant to the provisions of this section. The Comptroller of the Currency is authorized and empowered to promulgate such regulations as he may deem necessary to enforce compliance with the provisions of this section and the proper exercise of the powers granted therein.
- (k) **Revocation; procedures applicable—**
  - (1) In addition to the authority conferred by other law, if, in the opinion of the Comptroller of the Currency, a [national banking association](/usc/12/221a.md?p=a) is unlawfully or unsoundly exercising, or has unlawfully or unsoundly exercised, or has failed for a period of five consecutive years to exercise, the powers granted by this section or otherwise fails or has failed to comply with the requirements of this section, the Comptroller may issue and serve upon the [association](/usc/12/1828.md?p=s-4-E-i) a notice of intent to revoke the authority of the [association](/usc/12/1828.md?p=s-4-E-i) to exercise the powers granted by this section. The notice shall contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply, and shall fix a time and place at which a hearing will be held to determine whether an order revoking authority to exercise such powers should issue against the [association](/usc/12/1828.md?p=s-4-E-i).
  - (2) Such hearing shall be conducted in accordance with the provisions of [section 1818(h) of this title](/usc/12/1818.md?p=h), and subject to judicial review as provided in such section, and shall be fixed for a date not earlier than thirty days nor later than sixty days after service of such notice unless an earlier or later date is set by the Comptroller at the request of any [association](/usc/12/1828.md?p=s-4-E-i) so served.
  - (3) Unless the [association](/usc/12/1828.md?p=s-4-E-i) so served shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented to the issuance of the revocation order. In the event of such consent, or if upon the record made at any such hearing, the Comptroller shall find that any allegation specified in the notice of charges has been established, the Comptroller may issue and serve upon the [association](/usc/12/1828.md?p=s-4-E-i) an order prohibiting it from accepting any new or additional trust accounts and revoking authority to exercise any and all powers granted by this section, except that such order shall permit the [association](/usc/12/1828.md?p=s-4-E-i) to continue to service all previously accepted trust accounts pending their expeditious divestiture or termination.
  - (4) A revocation order shall become effective not earlier than the expiration of thirty days after service of such order upon the [association](/usc/12/1828.md?p=s-4-E-i) so served (except in the case of a revocation order issued upon consent, which shall become effective at the time specified therein), and shall remain effective and enforceable, except to such extent as it is stayed, modified, terminated, or set aside by action of the Comptroller or a reviewing court.

## Footnotes

[^1]: So in original. Probably should be “enumerated”.
[^2]: So in original. Probably should be “executor,”.

## Source credit

(Pub. L. 87–722, § 1, Sept. 28, 1962, 76 Stat. 668; Pub. L. 96–221, title VII, § 704, Mar. 31, 1980, 94 Stat. 187; Pub. L. 112–231, § 2(b)(1), Dec. 28, 2012, 126 Stat. 1619.)

## Notes

### Editorial Notes

### Amendments

2012—Subsec. (a). Pub. L. 112–231, § 2(b)(1)(A), struck out “committee of estates of lunatics,” before “or in any other fiduciary capacity”.

Subsec. (j). Pub. L. 112–231, § 2(b)(1)(B), struck out “committee of estates of lunatics” before “or other fiduciary, under court, private,”.

1980—Subsec. (k). Pub. L. 96–221 added subsec. (k).

### Statutory Notes and Related Subsidiaries

### Savings Provision

Pub. L. 87–722, § 2, Sept. 28, 1962, 76 Stat. 669, provided that: “Nothing contained in this Act [enacting this section, amending sections 581 and 584(a)(2) of Title 26, and repealing section 248(k) of this title] shall be deemed to affect or curtail the right of any national bank to act in fiduciary capacities under a permit granted before the date of enactment of this Act [Sept. 28, 1962] by the Board of Governors of the Federal Reserve System, nor to affect the validity of any transactions entered into at any time by any national bank pursuant to such permit. On and after the date of enactment of this Act the exercise of fiduciary powers by national banks shall be subject to the provisions of this Act and the requirements of regulations issued by the Comptroller of the Currency pursuant to the authority granted by this Act.”