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Alert! FDIC Rules Change for Trusts and Mortgage Servicing Accounts Webinar

May 19, 2022 1:30 pm - 3:30 pm
Register

The Federal Deposit Insurance Corporation is amending its regulations governing deposit insurance coverage. The amendments simplify the deposit insurance regulations by establishing a “trust accounts” category that governs coverage of deposits of both revocable trusts and irrevocable trusts using a common calculation, and provide consistent deposit insurance treatment for all mortgage servicing account balances held to satisfy principal and interest obligations to a lender.

The rule is effective on April 1, 2024.

Covered Topics

  • Merger of Revocable and Irrevocable Trust Categories
  • Calculation of Coverage
  • Eliminating Certain Requirements Eligible Beneficiaries
  • Retained Interests and Ineligible Beneficiaries’ Interests
  • Future Trusts Named as Beneficiaries
  • Naming of Beneficiaries in Deposit Account Records
  • Presumption of Ownership
  • Bankruptcy Trustee Deposits
  • Deposits Covered Under Other Rules
  • Institutional Trusts
  • Mortgage Servicing Accounts

Who Should Attend
New Accounts, Deposit Compliance, Deposit Operations, Branch Staff, Training, Personal Bankers, Private Banking and all Deposit Staff.