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AUTOMATIC DATA PROCESSING

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Automatic Data Processing : ADP Trust Company, National Association Authorized to Open by the Office of Comptroller of the Currency ("OCC")

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09/04/2019 | 08:31am EDT

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)
Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential.  HR, Talent, Time Management, Benefits and Payroll.  Informed by data and designed for people.  Learn more at ADP.com

ADP, the ADP logo, and Always Designing for People, are trademarks of ADP, LLC.  All other marks are the property of their respective owners.

Copyright © 2019 ADP, LLC.  All rights reserved.

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ADP logo. (PRNewsfoto/ADP, LLC)

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View original content to download multimedia:http://www.prnewswire.com/news-releases/adp-trust-company-national-association-authorized-to-open-by-the-office-of-comptroller-of-the-currency-occ-300911114.html

SOURCE Automatic Data Processing Inc


© PRNewswire 2019
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