[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 [www.gpo.gov]
[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, [email protected]; Shane Kiernan, Counsel, Legal Division, (202) 
898-8512, [email protected].

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