Regulatory Alerts2022-01-28 | 2022-01608FDIC Notification on Amendments to Deposit Insurance Coverage Rules for Trust and Mortgage Servicing Accounts
The Federal Deposit Insurance Corporation (FDIC) has amended its deposit insurance coverage rules for certain trust and mortgage servicing accounts, setting an effective date of April 1, 2024. Covered institutions must update and operationalize their recordkeeping and information technology capabilities to accurately calculate deposit insurance under these amendments. The FDIC delayed the effective date by approximately twenty-four months to allow institutions, depositors, and agency staff sufficient time to review coverage, adjust account arrangements, and reprogram internal systems before the new requirements become mandatory.
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