On May 18, 2022, in line with the final rule to amend the deposit insurance regulations for trust accounts and mortgage servicing accounts, the FDIC published the Small Entity Compliance Guide to its website to assist insured depository institutions and community banking organizations in understanding and preparing for the said changes. The compliance guide includes information on applicable statutes, overview of changes for certain types of trust deposits, overview of changes for mortgage servicing accounts, and the changes’ effect on small entities.
In a previous blog post, we wrote about FDIC’s simplification of deposit insurance coverage rules. 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 FDIC’s letter can be found here.
The Small Entity Compliance Guide can be found here.