Trust companies are subject to all the laws mentioned in your question. Broadly speaking, there are no exemptions for trust companies in the laws and regulations that generally apply to banks, bank holding companies, and their subsidiaries.
Also, you mention in your question that the trust company will be regulated by the IDFPR and the Federal Reserve, but you don’t indicate whether it will be a subsidiary of the national bank or its bank holding company. It merits mentioning that trust companies which are subsidiaries of national banks also are subject to supervision and examination by the bank’s primary regulator, the OCC.
For resources related to our guidance, please see:
- Bank Secrecy Act, 31 USC 5312(a)(2) (“‘Financial institution’ means . . . (B) a commercial bank or trust company
- OFAC Regulations, e.g., 31 CFR 510.328 (North Korea Sanctions Regulations) (“The term U.S. financial institution . . . . includes depository institutions, banks, savings banks, trust companies . . . .”)
- CIP Regulations, 31 CFR 1010.100(d) (“General definitions. . . . (d) Bank. Each agent, agency, branch or office within the United States of any person doing business in one or more of the capacities listed below: (1) A commercial bank or trust company organized under the laws of any State or of the United States; . . .”)
- Fair Credit Reporting Act, 15 USC 1681s-2(a)(1) (“A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate.”)
- Illinois Financial Exploitation Training Rules, 89 Ill. Adm. Code 271.110 (“‘Financial exploitation’ means the use of an older person's resources by another to the disadvantage of the older person and/or the profit or advantage of a person other than the older person.”)
- Consumer Financial Protection Act of 2010, 12 USC 5481(6) (“The term ‘covered person’ means (A) any person that engages in offering or providing a consumer financial product or service; and (B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person.”)
- Gramm-Leach-Bliley Act, 15 USC 6809(3) (“The term ‘financial institution’ means any institution the business of which is engaging in financial activities as described in section 1843(k) of title 12.”)
- Bank Holding Company Act of 1956, 12 USC 1843(k) (“Notwithstanding subsection (a), a financial holding company may engage in any activity, and may acquire and retain the shares of any company engaged in any activity, that the Board, in accordance with paragraph (2), determines (by regulation or order) (A) to be financial in nature or incidental to such financial activity; or (B) is complementary to a financial activity and does not pose a substantial risk to the safety or soundness of depository institutions or the financial system generally.”)
- FDIC Trust Examination Manual, Section 10, D.3 Trust Companies (“Most trust companies are not insured by the FDIC. These companies are chartered and regulated by the state or by the OCC. Trust companies which are owned by a bank holding company are also subject to supervision by the Federal Reserve Board. Trust companies that are owned by banks are subject to examination and supervision by the parent bank’s primary regulator.”)