View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML
FDIC RIN: 3064-AD36 Publication ID: Spring 2009 
Title: ●Deposit Insurance Regulations;Temporary Increase in Standard Coverage Amount; Mortgage Servicing Accounts  
Abstract: The FDIC adopted its interim rule to amend its deposit insurance regulations to: (1) Reflect Congress’s recent action to temporarily increase the standard deposit insurance amount from $100,000 to $250,000; and (2) provide pass-through deposit insurance coverage for deposit accounts maintained by a mortgage servicer, in a custodial or other fiduciary capacity, which comprise payments by mortgagors of principal and interest, on a per mortgagor (or borrower) basis, rather than on a per mortgagee, investor or security holder basis. The FDIC’s main goals in revising its insurance rule on mortgage servicing accounts are to simplify a rule that has become increasingly complex in application due to developments in securitizations and to provide additional certainty with respect to the deposit insurance coverage of these accounts at a time of turmoil in the housing and financial markets. The FDIC believes this regulatory change will help improve public confidence in the banking system. The interim rule on mortgage servicing accounts replaces the current rule, which provides that the mortgage servicing accounts are insured for the interest of each owner (mortgagee, investor or security holder). 
Agency: Federal Deposit Insurance Corporation(FDIC)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: Undetermined 
CFR Citation: 12 CFR 330.1(n)    12 CFR 330.7(d)   
Legal Authority: 12 USC 1813(l)    12 USC 1813(m)    12 USC 1817(i)    12 USC 1818(q)    ...   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Interim Final Rule  10/17/2008  73 FR 61658   
Interim Final Rule Comment Period End  12/16/2008    
Final Action  12/00/2009    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL: http://www.fdic.gov/regulations/laws/federal/08final.html   Public Comment URL: http://www.fdic.gov/regulations/laws/federal/2008/08comAD36.html  
RIN Data Printed in the FR: No 
Agency Contact:
Christopher L. Hencke
Counsel, Legal Division
Federal Deposit Insurance Corporation
550 17th Street NW.,
Washington, DC 20429
Phone:202 898-8839