United States:
Comment Deadline Set For FDIC Proposal On Deposit Insurance Coverage For Trusts And Mortgage Accounts
10 August 2021
Cadwalader, Wickersham & Taft LLP
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FDIC-proposed amendments to deposit insurance coverage rules that
would simplify and expand deposit insurance for trusts and mortgage
accounts were published in the Federal Register.
The proposed amendments would (i) merge revocable trusts and
irrevocable trusts under a newly established "trust
accounts" category and (ii) provide consistent treatment for
mortgage servicing accounts comprised of principal and interest
funds.
Comments on the proposal must be received by October 4,
2021.
Primary Sources
- Federal Register: Simplification of Deposit
Insurance Rules
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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