The exercise of fiduciary powers by national banks is primarily governed by which regulation?

The exercise of fiduciary powers by national banks is primarily governed by 12 CFR 9, which is part of the Code of Federal Regulations that specifically outlines regulations applicable to fiduciary activities of national banks. This regulation provides comprehensive rules regarding the management of trusts, estates, and other fiduciary relationships, ensuring that national banks operate in compliance with federal standards and fulfill their fiduciary duties responsibly.

12 CFR 9 addresses aspects such as the functions of a national bank acting as a fiduciary, the requirements for fiduciary accounts, and the standards of care expected of fiduciaries. By centralizing these regulations under a federal framework, it ensures consistency and reliability in how fiduciary responsibilities are executed by national banks across the country. This regulatory framework helps protect the interests of beneficiaries and keeps national banks accountable in their fiduciary roles.