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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
New Accounts, Deposit Compliance, Deposit Operations, Branch Staff, Training, Personal Bankers, Private Banking and all Deposit Staff
Debbie Crawford is the President of gettechnical, Inc. a Florida-based firm, specializing in the education of banks and credit unions across the nation. Her 27+ years of banking and teaching experience began at Hibernia National Bank in New Orleans. She graduated from Louisiana State University with both her bachelor's and master’s degrees. Deborah's specialty is in the deposit side of the financial institution where she teaches seminars on regulations, documentation, insurance and Individual Retirement Accounts.