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Financial Institution Letter | January 21, 2022 |
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Final Rulemaking on Simplification of Deposit Insurance Rules for Trust and Mortgage Servicing Accounts |
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Summary:
The Federal Deposit Insurance Corporation (FDIC) has published a final rule to amend the deposit insurance regulations for trust accounts and mortgage servicing accounts. The changes are intended to make the deposit insurance rules easier to understand for depositors and bankers, facilitate more timely insurance determinations for trust accounts in the event of a bank failure, and enhance consistency of insurance coverage for mortgage servicing account deposits. The final rule will take effect on April 1, 2024, providing depositors and insured depository institutions more than two years to prepare for the changes in coverage.
The Final Rule and a Fact Sheet can be found on the FDIC’s website.
Statement of Applicability:
This Financial Institution Letter (FIL) applies to all FDIC-insured institutions.
Distribution:
FDIC-Insured Institutions
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