Regulatory Alerts2021-08-03 | 2021-15732Added · Updated
Simplification of Deposit Insurance Rules
The Federal Deposit Insurance Corporation proposes amendments to 12 CFR Part 330 to simplify deposit insurance coverage for trust accounts by establishing a unified category for both revocable and irrevocable trusts. The rule harmonizes coverage criteria and adopts a straightforward calculation formula based on the number of beneficiaries to reduce complexity and facilitate prompt insurance payments during bank failures. Additionally, the proposal provides consistent deposit insurance treatment for mortgage servicing account balances held to satisfy principal and interest obligations to a lender.
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