FDIC’s Trusts Coverage Changes


Presented by: John Burnett
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This CD ROM will be available after September 4, 2022.

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.

About the Speaker: John Burnett joined Glia Group, Inc., and BankersOnline in 2004, and currently serves as Executive Editor. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.

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.

He was a member and Chair of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter of BOL Learning Connect webinars and a presenter at BOL Conferences events. As a BOL Guru, John assists bankers handle common and uncommon compliance challenges on the BankersOnline.com site and its paid subscription service, BankCompliance.com.

This program was recorded in its entirety in June 2022.

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  • Model: cd_fdictrusts0822
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Wednesday 29 June, 2022.

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