CodeToCodified/googlecodelabs/FDI #948
Description
Applicable Statutes
The FDI Act establishes the parameters of deposit insurance coverage, and provides coverage up
to the standard maximum deposit insurance amount, currently $250,000, for each deposit
“maintained by a depositor in the same capacity and the same right.” 12 U.S.C. § 1821(a)(1)(C)
and (E); 12 C.F.R. §330.3(a). Part 330 of the Code of Federal Regulations implements the FDI
Act’s deposit insurance provisions by defining the terms necessary to afford coverage under the
FDI Act and providing rules for the recognition of deposit ownership in various circumstances.
These rights and capacities are commonly known as insurance categories and have been defined
through statutes and regulations. 12 C.F.R. §330.3(a). The final rule affects the coverage rules for
the revocable trust, irrevocable trust, and mortgage servicing account categories currently found
in 12 C.F.R. §§ 330.10, 330.13, and 330.7(d), respectively. The changes to the trust rules are
inapplicable to trusts that have an IDI as trustee. 12 C.F.R. § 330.12