Regulation U contains no exemption for trust activities conducted by a bank or other financial institution.
Notes on verification
Directly confirmed by Federal Reserve SR 93-13 verbatim language and corroborated by current text of 12 CFR 221.6 listing exempted transactions, none of which cover trust activities.
Sources
- FRB: Supervisory Letter SR 93-13 (FIS) on violations of ... (federalreserve.gov)
- https://www.law.cornell.edu/cfr/text/12/221.6 (law.cornell.edu)
- https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-221/section-221.6 (ecfr.gov)