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.
- 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.