Alert September 22, 2009

FDIC Issues Final Rule Extending the Increase of the Standard Maximum Deposit Insurance Amount and Finalizing Revocable Trust Account and Mortgage Servicing Account Regulations

The FDIC adopted a final rule which extends the increase in the standard maximum deposit insurance amount to $250,000 through December 31, 2013. The final rule also finalizes, without substantive change, the FDIC’s revisions to its mortgage servicing account and revocable trust account regulations made by interim rules in 2008 that were reported in the October 21, 2008 and October 7, 2008 Consumer Financial Services Alerts. The final rule is effective October 19, 2009. Click here for the final rule.