The Office of the Comptroller of the Currency authorized Toronto-based Ceridian National Trust Bank to open in Minneapolis.
The authorization, announced Jan. 3 in a press release, allows the bank to operate as a trustee for the payroll trust of the business human resources software technology company Ceridian. The trust’s structure is expected to help Ceridian customers by offering “bankruptcy-remoteness protection for clients pending remittance to employees of our clients, tax authorities and other payees.”
“Certain aspects of Ceridian’s U.S. client money movement activity have been subject to regulation at both the federal and individual state levels with resulting inherent complexity across multiple jurisdictions,” the release states. ‘With the establishment of Ceridian National Trust Bank, regulatory oversight will now be under the OCC, a single federal government agency.”