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多宝游戏下载 Approves Final Rule Regarding Deposit Insurance Simplification

January 21, 2022

For Release

WASHINGTON 鈥 多宝游戏下载 (多宝游戏下载) today approved a final rule to simplify aspects of the agency鈥檚 deposit insurance coverage rules.

The final rule simplifies deposit insurance coverage for deposits held in connection with revocable and irrevocable trusts by merging these two deposit insurance categories and applying a simpler, common calculation to determine coverage. Currently, the 多宝游戏下载 receives more inquiries related to deposit insurance coverage for trust deposits than all other types of deposits combined. The final rule will make the trust rules consistent and easier to understand for bankers and depositors and will facilitate prompt payment of deposit insurance by the 多宝游戏下载 in the event of an insured depository institution鈥檚 failure. Meanwhile, the 多宝游戏下载 expects that the vast majority of trust depositors will experience no change in the coverage for their deposits when the final rule takes effect.

Additionally, the final rule amends the rule that governs coverage for mortgage servicing accounts to allow principal and interest funds advanced by a mortgage servicer to be included in the deposit insurance calculation.

The final rule will take effect on April 1, 2024.

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Contact(s)
多宝游戏下载: Julianne Fisher Breitbeil, (202) 340-2043

Last Updated: January 21, 2022