TRUST DEPARTMENT 
Ux DER the Federal Reserve Act it is possible for a 
national bank to maintain and operate its own 
trust department, exercising through this department 
all of the fiduciary powers granted to state banks, trust 
companies, etc., by the laws of the state in which the 
national bank is located. 
Permission to establish such a department is granted, 
not by the Comptroller’s office, but by the Federal 
Reserve Board. Proper forms for the applications are 
furnished by the Board and the application, after it is 
executed by the president or cashier of the bank, should 
be mailed to the Chairman of the Board of Directors of 
the Federal Reserve Bank in the particular district, who 
will transmit it to Washington. 
National banks which are permitted by the Federal 
Reserve Board to function in fiduciary capacities are 
required to establish a separate trust department under 
the management of an officer or officers, and to abide 
by certain other special rules laid down in the Federal 
Reserve Act and by the Federal Reserve Board. 
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