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Alert! FDIC Rules Change for Trusts and Mortgage Servicing Accounts

The Federal Deposit Insurance Corporation is amending its regulations governing deposit insurance coverage. 

OnDemand
Recorded Thursday,
May 19th, 2022
Presented by Deborah Crawford
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Deposit Accounts
  • Lending
  • Branch Manager
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Deposit Operations Manager/Specialist
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • New Accounts Representative
  • Private Banker
  • Risk Manager
  • Senior Management
  • Trainer

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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

  • 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.

Deborah Crawford

Instructor Bio

Deborah Crawford is the President of Gettechnical Inc., a Florida based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 35+ years of combined teaching and banking experience.

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