ROSELAND, N.J., Sept. 4, 2019 /PRNewswire/ -- ADP announced that
the Office of Comptroller of the Currency ("OCC") has authorized
ADP Trust Company, National Association ("ADP Trust Company"), a
national trust bank, to open on September 3,
2019. Effective September 3,
2019, ADP Trust Company commenced banking operations, acting
as trustee for the ADP client trust, a trust established in early
2018.
Historically, certain aspects of ADP's U.S. client money
activity have been regulated at the individual state level with
resulting inherent complexity across multiple states. With the
establishment of the ADP Trust Company, regulatory oversight will
now be under the OCC, a single federal government agency.
In addition to the OCC's regulatory oversight of ADP Trust
Company, establishment of the ADP client trust benefits ADP's U.S.
clients by providing bankruptcy-remoteness protection for the
majority of the funds pending remittance to employees of our
clients, tax authorities, and other payees.
About ADP (NASDAQ: ADP)
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through cutting-edge products, premium services and exceptional
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Copyright © 2019 ADP, LLC. All rights reserved.
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SOURCE Automatic Data Processing Inc