1.5.5. Bank Exemption
Banks are exempt from the definition of municipal advisor to the extent that they provide advice only with respect to the following:
• Investments that are held in a deposit account, savings account, CD, or other deposit instrument issued by a bank
• Extensions of credit by a bank to a municipal entity, including the issuance of a letter of credit, the making of a direct loan, or the purchase of a municipal security by the bank