Operation of IRA Collective Investment Trust Is a Permissible Commercial Banking Activity Under the Glass-Steagall Act: Investment Company Institute v. Conover, 790 F.2d 925 (D.C. Cir.), cert. denied, 107 S.Ct. 421 (1986)

dc.creatorHerauf, Debra
dc.date.accessioned2021-06-14T19:50:21Z
dc.date.available2021-06-14T19:50:21Z
dc.date.issued1987
dc.description.abstractThe Comptroller of the Currency, after a detailed analysis of the legality of a collective investment trust for IRA assets, approved the creation and operation of the trust by Citibank. Attacked on the basis of being a mutual fund, the District of Columbia Circuit Court of Appeals upheld the Comptroller's ruling as a reasonable interpretation of the Glass-Steagall Act. Though similar to a mutual fund, the CIT was established for fiduciary purposes and, therefore, it did not fall within the category of activities that Congress intended to remove from the domain of commercial banking. This stamp of approval by the court will likely encourage banks to develop innovative products and services to meet the full range of their clients' financial needs.en_US
dc.identifier.citation18 Tex. Tech L. Rev. 1043en_US
dc.identifier.urihttps://hdl.handle.net/2346/86996
dc.language.isoengen_US
dc.publisherTexas Tech Law Reviewen_US
dc.subjectComptroller of the Currencyen_US
dc.subjectIRA assetsen_US
dc.subjectCitibanken_US
dc.subjectGlass-Steagall Acten_US
dc.subjectCollective investment trusten_US
dc.subjectCITen_US
dc.subjectIndividual Retirement Accounten_US
dc.subjectIRAen_US
dc.subjectCommercial banking activityen_US
dc.subjectInvestment Company Institute v. Conoveren_US
dc.titleOperation of IRA Collective Investment Trust Is a Permissible Commercial Banking Activity Under the Glass-Steagall Act: Investment Company Institute v. Conover, 790 F.2d 925 (D.C. Cir.), cert. denied, 107 S.Ct. 421 (1986)en_US
dc.title.alternativeOperation of IRA Collective Investment Trust Is a Permissible Commercial Banking Activity Under the Glass-Steagall Acten_US
dc.typeArticleen_US

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