Callister Nebeker
& McCullough

A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
GATEWAY TOWER EAST SUITE 900
10 EAST SOUTH TEMPLE
SALT LAKE CITY, UTAH 84133
TELEPHONE 801-530-7300
FAX 801-364-9127

July 17, 2001

Jonathan G. Katz
Secretary
Securities and Exchange Commission
450 5th Street, NW
Washington, D.C. 20549-0106

Re: SEC Bank Broker-Dealer Interim Final Rules (Release File No. S7-12-01)

Dear Mr. Katz:

I appreciate the opportunity to provide comments on the Interim Final Rules ("Interim Rules") issued by the Securities and Exchange Commission (the "Commission") regarding the "push-out" provision of the Gramm-Leach-Bliley Act ("GLB Act"). Simply stated, the provisions of the Interim Rules create an environment that is extremely "unfriendly" to our clients.

This firm's relationship with Zions Bank trust goes back many years. If the Interim Rules force trust activities out of Zions Bank and other banks, our clients may be forced into fragmented relationships with their chosen trustee and a third-party broker-dealer, and will be burdened with additional costs that are entirely unnecessary. In addition, because of the complexity and numerous non-statutory conditions imposed on banks by the Interim Rules, banks will experience an increase in their cost of doing business. The end result? Our clients' costs as customers may well increase.

With the enactment of the GLB Act, Congress recognized that banks have the expertise and customer relationships that make them uniquely qualified to provide trust and fiduciary, custody and safekeeping, asset-backed securities, and other specified traditional banking products and services. Congress further recognized that banks have been providing these products and services effectively for years by adopting the exemption to permit banks to continue providing these traditional customer services.

Ultimately, the real loser in the Interim Rules, as presently issued by the Commission, are our clients, along with other individual trust customers. Our longstanding bank relationship will be disrupted or even discontinued, and clients will end up paying more for the same services the bank has provided for them foryears. In the letter and spirit of the GLB Act, and in the best interest of the individual trust customer, I ask the Commission to immediately take the steps necessary to bring the rules into accordance with the intent of Congress.

Thank you again for the opportunity to provide comments.

Sincerely,

CALLISTER NEBEKER & McCULLOUGH

Cynthia J. Crass

cc: Zions Trust