Rule2022-01608
Notification to Institutions Covered by the FDIC's Recordkeeping for Timely Deposit Insurance Determination Rule Regarding Amendments to the Deposit Insurance Coverage Rules
Primary source
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Published
January 28, 2022
Issuing agencies
Federal Deposit Insurance Corporation
Abstract
The FDIC is publishing this notification to insured depository institutions covered by its Recordkeeping for Timely Deposit Insurance Determination rule that it has amended its deposit insurance coverage rules for certain trust accounts and mortgage servicing accounts and such amendments will take effect on April 1, 2024. The FDIC is publishing this notification to specify for covered institutions that they must prepare updates or changes to their deposit insurance calculation capabilities as a result of the amendments, and such changes must be implemented and operational on April 1, 2024, the effective date of the amendments.
Full Text
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<title>Federal Register, Volume 87 Issue 19 (Friday, January 28, 2022)</title>
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[Federal Register Volume 87, Number 19 (Friday, January 28, 2022)]
[Rules and Regulations]
[Page 4471]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-01608]
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FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 370
Notification to Institutions Covered by the FDIC's Recordkeeping
for Timely Deposit Insurance Determination Rule Regarding Amendments to
the Deposit Insurance Coverage Rules
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notification.
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SUMMARY: The FDIC is publishing this notification to insured depository
institutions covered by its Recordkeeping for Timely Deposit Insurance
Determination rule that it has amended its deposit insurance coverage
rules for certain trust accounts and mortgage servicing accounts and
such amendments will take effect on April 1, 2024. The FDIC is
publishing this notification to specify for covered institutions that
they must prepare updates or changes to their deposit insurance
calculation capabilities as a result of the amendments, and such
changes must be implemented and operational on April 1, 2024, the
effective date of the amendments.
DATES: January 28, 2022.
FOR FURTHER INFORMATION CONTACT: Cassandra Knighton, Section Chief,
Division of Complex Institution Supervision and Resolution, (972) 761-
2802, <a href="/cdn-cgi/l/email-protection#284b4346414f405c4746686e6c616b064f475e"><span class="__cf_email__" data-cfemail="5c3f3732353b342833321c1a18151f723b332a">[email protected]</span></a>; Shane Kiernan, Counsel, Legal Division, (202)
898-8512, <a href="/cdn-cgi/l/email-protection#0a7961636f78646b644a6c6e6369246d657c"><span class="__cf_email__" data-cfemail="daa9b1b3bfa8b4bbb49abcbeb3b9f4bdb5ac">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The FDIC is providing notice to insured
depository institutions covered by its rule entitled ``Recordkeeping
for Timely Deposit Insurance Determination,'' 12 CFR part 370 (each a
``covered institution'' under ``part 370''), that it amended its
deposit insurance coverage rules for certain trust accounts and
mortgage servicing accounts on January 21, 2022 (the ``amendments'').
The amendments take effect on April 1, 2024. The FDIC delayed the
effective date of the amendments until April 1, 2024, to provide time
before the amendments take effect to: Insured depository institutions
and their depositors to review deposit insurance coverage and adjust
their deposit account arrangements and deposit relationships, if
desired; FDIC staff to reprogram the information technology
infrastructure that the FDIC uses to determine deposit insurance
coverage and to make payment to insured depositors and update the
FDIC's deposit insurance coverage publications, including publications
that provide guidance to covered institutions; and covered institutions
to prepare to implement changes to recordkeeping and information
technology capabilities required under part 370.
Part 370 generally requires each covered institution to implement
the information technology system and recordkeeping capabilities needed
to quickly calculate the amount of deposit insurance coverage available
for each deposit account in the event of failure (``part 370
capabilities''). Pursuant to Sec. 370.10(d), ``[a] covered institution
will not be considered to be in violation of this part as a result of a
change in law that alters the availability or calculation of deposit
insurance for such period as specified by the FDIC following the
effective date of such change.'' 12 CFR 370.10(d). The FDIC is
publishing this document pursuant to Sec. 370.10(d) to specify for
covered institutions that they must prepare updates or changes to their
part 370 capabilities as a result of the amendments, and such changes
must be implemented and operational on April 1, 2024, the effective
date of the amendments. The delayed effective date of the amendments
provides covered institutions with at least 24 months following
adoption to prepare the updates or changes to their part 370
capabilities. Therefore, the FDIC is not providing an additional period
of time pursuant to Sec. 370.10(d) after April 1, 2024.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on January 21, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-01608 Filed 1-27-22; 8:45 am]
BILLING CODE 6714-01-P
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