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.What You'll Learn: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.

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