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Course description

The FDIC has made some important changes affecting its deposit coverage of trust accounts and mortgage servicing account balances that will become effective on April 1, 2024. Their goal was to simplify the regulation by applying the same coverage rules to both revocable and irrevocable trusts and provide consistent insurance treatment for all mortgage servicing account balances held to satisfy principal and interest obligations to a lender. It appears the FDIC met that goal.

Insured depository institutions need to familiarize themselves with the changes in coverage, train employees and update publications as necessary. IDIs should also determine whether there is a need to communicate with existing depositors about the coverage changes.

In this special one-hour presentation, BOL’s John Burnett will walk through the revised rules and illustrate how they will work. Understanding deposit insurance coverage for trusts accounts, in particular, will be made much simpler.

 

WHO SHOULD ATTEND:

New accounts and other customer contact employees, including customer service phone desk staff; deposit services staff.

 

Instructor(s)

John Burnett

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking.John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc. and the BankersOnline.com team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events.He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels.

Course curriculum

  • 1

    Webinar

    • FDIC Trusts

  • 2

    Materials

    • Materials

    • Slides

    • Questions and Answers

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