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Financial Institution Letter | May 18, 2022 |
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Small Entity Compliance Guide related to Simplification of Deposit Insurance Rules for Trust and Mortgage Servicing Accounts |
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Summary:
On January 28, 2022, the Federal Deposit Insurance Corporation (FDIC) 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 banks more than two years to prepare for the changes in coverage.
The FDIC is adding a Small Entity Compliance Guide to its website to assist insured depository institutions and community banking organizations in understanding and preparing for the changes in deposit insurance coverage.
Statement of Applicability:
This Financial Institution Letter (FIL) apply to all FDIC-insured financial institutions.
Distribution:
FDIC-Insured Financial Institutions
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