This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.
Rules and Regulations Federal Register
4455
Vol. 87, No. 19
Friday, January 28, 2022
1 Trusts include informal revocable trusts
(commonly referred to as payable-on-death
accounts, in-trust-for accounts, or Totten trusts),
formal revocable trusts, and irrevocable trusts that
do not have an IDI as trustee.
2 See 73 FR 56706 (Sep. 30, 2008).
3 In 2008, the FDIC adopted an insurance
calculation for revocable trusts that have five or
fewer beneficiaries. Pursuant to the 2008
amendments, each trust grantor is insured up to
$250,000 per beneficiary.
4 12 U.S.C. 1821(f).
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 330
RIN 3064–AF27
Simplification of Deposit Insurance
Rules
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Final rule.
SUMMARY: The Federal Deposit
Insurance Corporation is amending its
regulations governing deposit insurance
coverage. The amendments simplify the
deposit insurance regulations by
establishing a ‘‘trust accounts’’ category
that governs coverage of deposits of both
revocable trusts and irrevocable trusts
using a common calculation, and
provide consistent deposit insurance
treatment for all mortgage servicing
account balances held to satisfy
principal and interest obligations to a
lender.
DATES: The rule is effective on April 1,
2024.
FOR FURTHER INFORMATION CONTACT:
James Watts, Counsel, Legal Division,
(202) 898–6678, jwatts@fdic.gov;
Kathryn Marks, Counsel, Legal Division,
(202) 898–3896, kmarks@fdic.gov.
SUPPLEMENTARY INFORMATION:
Table of Contents
I. Simplification of Deposit Insurance
Coverage Rules for Trusts
A. Policy Objectives
B. Background
1. Deposit Insurance and the FDIC’s
Statutory and Regulatory Authority
2. Current Rules for Coverage of Trust
Deposits
C. Final Rule
D. Discussion of Comments
E. Alternatives Considered
II. Amendments to Mortgage Servicing
Account Rule
A. Policy Objectives
B. Background
C. Final Rule
D. Discussion of Comments
III. Regulatory Analysis
A. Expected Effects
1. Simplification of Trust Rules
2. Amendments to Mortgage Servicing
Account Rule
B. Regulatory Flexibility Act
1. Simplification of Trust Rules
2. Amendments to Mortgage Servicing
Account Rule
C. Congressional Review Act
D. Paperwork Reduction Act
E. Riegle Community Development and
Regulatory Improvement Act
F. Plain Language
I. Simplification of Deposit Insurance
Coverage Rules for Trusts
A. Policy Objectives
The Federal Deposit Insurance
Corporation (FDIC) is amending its
regulations governing deposit insurance
coverage for deposits held in connection
with trusts.1 The amendments merge the
revocable and irrevocable trust
categories into one category, ‘‘trust
accounts.’’ Coverage for deposits in this
category will be calculated through a
simple calculation. Each grantor’s trust
deposits will be insured in an amount
up to the standard maximum deposit
insurance amount (currently $250,000)
multiplied by the number of trust
beneficiaries, not to exceed five. This, in
effect, will limit coverage for a grantor’s
trust deposits at each IDI to a total of
$1,250,000; in other words, maximum
coverage of $250,000 per beneficiary for
up to five beneficiaries.
The amendments: (1) Provide
depositors and bankers with a rule for
trust account coverage that is easy to
understand; and (2) facilitate the prompt
payment of deposit insurance in
accordance with the Federal Deposit
Insurance Act (FDI Act), among other
objectives.
Simplifying Insurance Coverage for
Trust Deposits
The amendments simplify for
depositors, bankers, and other interested
parties the insurance rules and limits for
trust accounts. The deposit insurance
rules for trust deposits, set forth in part
330 of the FDIC’s regulations, have
evolved over time and can be difficult
to apply in some circumstances. The
amendments reduce the number of rules
governing coverage for trust accounts
and establish a straightforward
calculation to determine coverage. This
should alleviate some of the confusion
that depositors and bankers experience
with respect to insurance coverage and
limits.
Under the current regulations, there
are distinct and separate sets of rules
applicable to deposits of revocable
trusts and irrevocable trusts. Each set of
rules has its own criteria for coverage
and methods by which coverage is
calculated. Despite the FDIC’s efforts to
simplify the revocable trust rules in
2008,2 FDIC deposit insurance
specialists have responded to
approximately 20,000 complex
insurance inquiries per year on average
over the last 13 years. More than 50
percent of inquiries pertain to deposit
insurance coverage for trust accounts
(revocable or irrevocable). The
amendments further simplify insurance
coverage of trust accounts (revocable
and irrevocable) by harmonizing the
coverage criteria for certain types of
trust accounts and establishing a
simplified formula for calculating
coverage that applies to these deposits.
The calculation is the same calculation
that the FDIC first adopted in 2008 for
revocable trust accounts with five or
fewer beneficiaries. This formula is
straightforward and is already generally
familiar to bankers and depositors.3
Prompt Payment of Deposit Insurance
The FDI Act requires the FDIC to pay
depositors ‘‘as soon as possible’’ after a
bank failure.4 However, the insurance
determination and subsequent payment
for many trust deposits must await the
depositor’s submission of complex trust
agreements, followed by FDIC staff’s
review of that information and
application of the rules to determine
deposit insurance coverage. The final
rule’s amendments are expected to
facilitate more timely deposit insurance
determinations for trust accounts by
reducing the amount of time needed for
FDIC staff to review trust agreements
and determine coverage. These
amendments promote the FDIC’s ability
to pay insurance to depositors promptly
VerDate Sep<11>2014 16:18 Jan 27, 2022 Jkt 256001 PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 E:\FR\FM\28JAR1.SGM 28JAR1
jspears on DSK121TN23PROD with RULES1
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.
Rules and Regulations Federal Register
4455
Vol. 87, No. 19
Friday, January 28, 2022
1 Trusts include informal revocable trusts
(commonly referred to as payable-on-death
accounts, in-trust-for accounts, or Totten trusts),
formal revocable trusts, and irrevocable trusts that
do not have an IDI as trustee.
2 See 73 FR 56706 (Sep. 30, 2008).
3 In 2008, the FDIC adopted an insurance
calculation for revocable trusts that have five or
fewer beneficiaries. Pursuant to the 2008
amendments, each trust grantor is insured up to
$250,000 per beneficiary.
4 12 U.S.C. 1821(f).
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 330
RIN 3064–AF27
Simplification of Deposit Insurance
Rules
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Final rule.
SUMMARY: The Federal Deposit
Insurance Corporation is amending its
regulations governing deposit insurance
coverage. The amendments simplify the
deposit insurance regulations by
establishing a ‘‘trust accounts’’ category
that governs coverage of deposits of both
revocable trusts and irrevocable trusts
using a common calculation, and
provide consistent deposit insurance
treatment for all mortgage servicing
account balances held to satisfy
principal and interest obligations to a
lender.
DATES: The rule is effective on April 1,
2024.
FOR FURTHER INFORMATION CONTACT:
James Watts, Counsel, Legal Division,
(202) 898–6678, jwatts@fdic.gov;
Kathryn Marks, Counsel, Legal Division,
(202) 898–3896, kmarks@fdic.gov.
SUPPLEMENTARY INFORMATION:
Table of Contents
I. Simplification of Deposit Insurance
Coverage Rules for Trusts
A. Policy Objectives
B. Background
1. Deposit Insurance and the FDIC’s
Statutory and Regulatory Authority
2. Current Rules for Coverage of Trust
Deposits
C. Final Rule
D. Discussion of Comments
E. Alternatives Considered
II. Amendments to Mortgage Servicing
Account Rule
A. Policy Objectives
B. Background
C. Final Rule
D. Discussion of Comments
III. Regulatory Analysis
A. Expected Effects
1. Simplification of Trust Rules
2. Amendments to Mortgage Servicing
Account Rule
B. Regulatory Flexibility Act
1. Simplification of Trust Rules
2. Amendments to Mortgage Servicing
Account Rule
C. Congressional Review Act
D. Paperwork Reduction Act
E. Riegle Community Development and
Regulatory Improvement Act
F. Plain Language
I. Simplification of Deposit Insurance
Coverage Rules for Trusts
A. Policy Objectives
The Federal Deposit Insurance
Corporation (FDIC) is amending its
regulations governing deposit insurance
coverage for deposits held in connection
with trusts.1 The amendments merge the
revocable and irrevocable trust
categories into one category, ‘‘trust
accounts.’’ Coverage for deposits in this
category will be calculated through a
simple calculation. Each grantor’s trust
deposits will be insured in an amount
up to the standard maximum deposit
insurance amount (currently $250,000)
multiplied by the number of trust
beneficiaries, not to exceed five. This, in
effect, will limit coverage for a grantor’s
trust deposits at each IDI to a total of
$1,250,000; in other words, maximum
coverage of $250,000 per beneficiary for
up to five beneficiaries.
The amendments: (1) Provide
depositors and bankers with a rule for
trust account coverage that is easy to
understand; and (2) facilitate the prompt
payment of deposit insurance in
accordance with the Federal Deposit
Insurance Act (FDI Act), among other
objectives.
Simplifying Insurance Coverage for
Trust Deposits
The amendments simplify for
depositors, bankers, and other interested
parties the insurance rules and limits for
trust accounts. The deposit insurance
rules for trust deposits, set forth in part
330 of the FDIC’s regulations, have
evolved over time and can be difficult
to apply in some circumstances. The
amendments reduce the number of rules
governing coverage for trust accounts
and establish a straightforward
calculation to determine coverage. This
should alleviate some of the confusion
that depositors and bankers experience
with respect to insurance coverage and
limits.
Under the current regulations, there
are distinct and separate sets of rules
applicable to deposits of revocable
trusts and irrevocable trusts. Each set of
rules has its own criteria for coverage
and methods by which coverage is
calculated. Despite the FDIC’s efforts to
simplify the revocable trust rules in
2008,2 FDIC deposit insurance
specialists have responded to
approximately 20,000 complex
insurance inquiries per year on average
over the last 13 years. More than 50
percent of inquiries pertain to deposit
insurance coverage for trust accounts
(revocable or irrevocable). The
amendments further simplify insurance
coverage of trust accounts (revocable
and irrevocable) by harmonizing the
coverage criteria for certain types of
trust accounts and establishing a
simplified formula for calculating
coverage that applies to these deposits.
The calculation is the same calculation
that the FDIC first adopted in 2008 for
revocable trust accounts with five or
fewer beneficiaries. This formula is
straightforward and is already generally
familiar to bankers and depositors.3
Prompt Payment of Deposit Insurance
The FDI Act requires the FDIC to pay
depositors ‘‘as soon as possible’’ after a
bank failure.4 However, the insurance
determination and subsequent payment
for many trust deposits must await the
depositor’s submission of complex trust
agreements, followed by FDIC staff’s
review of that information and
application of the rules to determine
deposit insurance coverage. The final
rule’s amendments are expected to
facilitate more timely deposit insurance
determinations for trust accounts by
reducing the amount of time needed for
FDIC staff to review trust agreements
and determine coverage. These
amendments promote the FDIC’s ability
to pay insurance to depositors promptly
VerDate Sep<11>2014 16:18 Jan 27, 2022 Jkt 256001 PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 E:\FR\FM\28JAR1.SGM 28JAR1
jspears on DSK121TN23PROD with RULES1
4456 Federal Register / Vol. 87, No. 19 / Friday, January 28, 2022 / Rules and Regulations
5 See 12 U.S.C. 1821(a)(1)(E).
6 See 12 U.S.C. 1821(a)(1)(C) (deposits
‘‘maintained by a depositor in the same capacity
and the same right’’ at the same IDI are aggregated
for purposes of the deposit insurance limit).
7 12 U.S.C. 1821(a)(2).
8 See 12 U.S.C. 1817(i), 1821(a).
9 See 12 CFR 330.10, 330.13.
10 12 CFR 330.10(a). In this document, the term
‘‘grantor’’ is used to refer to the party that creates
a trust, though trust agreements also may use terms
such as ‘‘settlor’’ or ‘‘trustor.’’
11 12 CFR 330.10(c).
12 12 CFR 330.10(d).
13 12 CFR 330.10(b)(1).
following the failure of an insured
depository institution (IDI), enabling
depositors to meet their financial needs
and obligations.
Facilitating Resolutions
The changes will also facilitate the
resolution of failed IDIs. The FDIC is
routinely required to make deposit
insurance determinations in connection
with IDI failures. In many of these
instances, however, deposit insurance
coverage for trust deposits is based upon
information that is not maintained in
the failed IDI’s deposit account records.
As a result, FDIC staff works with
depositors, trustees, and other parties to
obtain trust documentation following an
IDI’s failure in order to complete deposit
insurance determinations. The
difficulties associated with completing
such a determination have been
exacerbated by the substantial growth in
the use of formal trusts in recent
decades. The amendments are expected
to reduce the time spent reviewing such
information and provide greater
flexibility to automate deposit insurance
determinations, thereby reducing
potential delays in the completion of
deposit insurance determinations and
payments. Timely payment of deposit
insurance also helps to avoid reductions
in the franchise value of failed IDIs,
expanding resolution options and
mitigating losses.
Effects on the Deposit Insurance Fund
The FDIC is also mindful of the effect
that changes to the deposit insurance
regulations have on deposit insurance
coverage and generally on the Deposit
Insurance Fund (DIF), which is used to
pay deposit insurance in the event of an
IDI’s failure. The FDIC manages the DIF
according to parameters established by
Congress and continually evaluates the
adequacy of the DIF to resolve failed
banks and protect insured depositors.
The FDIC’s general intent is that
amendments to the trust rules are
neutral with respect to the DIF.
B. Background
1. Deposit Insurance and the FDIC’s
Statutory and Regulatory Authority
The FDIC is an independent agency
that maintains stability and public
confidence in the nation’s financial
system by: Insuring deposits; examining
and supervising IDIs for safety and
soundness and compliance with
consumer financial protection laws; and
resolving IDIs and large and complex
financial institutions, and managing
receiverships. The FDIC has helped to
maintain public confidence in times of
financial turmoil, including the period
from 2008 to 2013, when the United
States experienced a severe financial
crisis, and more recently in 2020 during
the financial stress associated with the
COVID–19 pandemic. During the more
than 88 years since the FDIC was
established, no depositor has lost a
penny of FDIC-insured funds.
The FDI Act establishes the key
parameters of deposit insurance
coverage, including the standard
maximum deposit insurance amount
(SMDIA), currently $250,000.5 In
addition to providing deposit insurance
coverage up to the SMDIA at each IDI
where a depositor maintains deposits,
the FDI Act also provides separate
insurance coverage for deposits that a
depositor maintains in different rights
and capacities (also known as insurance
categories) at the same IDI.6 For
example, deposits in the single
ownership category are separately
insured from deposits in the joint
ownership category at the same IDI.
The FDIC’s deposit insurance
categories have been defined through
both statute and regulation. Certain
categories, such as the government
deposit category, have been expressly
defined by Congress.7 Other categories,
such as joint deposits and corporate
deposits, have been based on statutory
interpretation and recognized through
regulations issued in 12 CFR part 330
pursuant to the FDIC’s rulemaking
authority. In addition to defining the
insurance categories, the deposit
insurance regulations in part 330
provide the criteria used to determine
insurance coverage for deposits in each
category.
Over the years, deposit insurance
coverage has evolved to reflect both the
FDIC’s experience and changes in the
banking industry. The FDI Act includes
provisions defining the coverage for
certain trust deposits,8 while coverage
for other trust deposits has been defined
by regulation.9
2. Current Rules for Coverage of Trust
Deposits
The FDIC currently recognizes three
different insurance categories for
deposits held in connection with trusts:
(1) Revocable trusts; (2) irrevocable
trusts; and (3) irrevocable trusts with an
IDI as trustee.
Revocable Trust Deposits
The revocable trust category applies
to deposits for which the depositor has
evidenced an intention that the deposit
will belong to one or more beneficiaries
upon his or her death. This category
includes deposits held in connection
with formal revocable trusts—that is,
revocable trusts established through a
written trust agreement. It also includes
deposits that are not subject to a formal
trust agreement, where the IDI makes
payment to the beneficiaries identified
in the IDI’s records upon the depositor’s
death based on account titling and
applicable State law. The FDIC refers to
these types of deposits, including Totten
trust accounts, payable-on-death
accounts, and similar accounts, as
‘‘informal revocable trusts.’’ Deposits
associated with formal and informal
revocable trusts are aggregated for
purposes of the deposit insurance rules;
thus, deposits that will pass from the
same grantor to beneficiaries are
aggregated and insured up to the
SMDIA, currently $250,000, per
beneficiary, regardless of whether the
transfer would be accomplished through
a written revocable trust or an informal
revocable trust.10
Under the current revocable trust
rules, beneficiaries include natural
persons, charitable organizations, and
non-profit entities recognized as such
under the Internal Revenue Code of
1986.11 If a named beneficiary does not
qualify as a beneficiary under the rule,
funds held in trust for that beneficiary
are treated as single ownership funds of
the grantor and aggregated with any
other single ownership accounts that the
grantor maintains at the same IDI.12
Certain requirements also must be
satisfied for a deposit to be insured in
the revocable trust category. The grantor
must intend that the funds will belong
to the beneficiaries upon the depositor’s
death, and this intention must be
manifested in the ‘‘title’’ of the account
using commonly accepted terms such as
‘‘in trust for,’’ ‘‘as trustee for,’’ ‘‘payable-
on-death to,’’ or any acronym for these
terms. For purposes of this requirement,
‘‘title’’ includes the IDI’s electronic
deposit account records. For example,
an IDI’s electronic deposit account
records could identify the account as a
revocable trust account through coding
or a similar mechanism.13
VerDate Sep<11>2014 16:18 Jan 27, 2022 Jkt 256001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\28JAR1.SGM 28JAR1
jspears on DSK121TN23PROD with RULES1
5 See 12 U.S.C. 1821(a)(1)(E).
6 See 12 U.S.C. 1821(a)(1)(C) (deposits
‘‘maintained by a depositor in the same capacity
and the same right’’ at the same IDI are aggregated
for purposes of the deposit insurance limit).
7 12 U.S.C. 1821(a)(2).
8 See 12 U.S.C. 1817(i), 1821(a).
9 See 12 CFR 330.10, 330.13.
10 12 CFR 330.10(a). In this document, the term
‘‘grantor’’ is used to refer to the party that creates
a trust, though trust agreements also may use terms
such as ‘‘settlor’’ or ‘‘trustor.’’
11 12 CFR 330.10(c).
12 12 CFR 330.10(d).
13 12 CFR 330.10(b)(1).
following the failure of an insured
depository institution (IDI), enabling
depositors to meet their financial needs
and obligations.
Facilitating Resolutions
The changes will also facilitate the
resolution of failed IDIs. The FDIC is
routinely required to make deposit
insurance determinations in connection
with IDI failures. In many of these
instances, however, deposit insurance
coverage for trust deposits is based upon
information that is not maintained in
the failed IDI’s deposit account records.
As a result, FDIC staff works with
depositors, trustees, and other parties to
obtain trust documentation following an
IDI’s failure in order to complete deposit
insurance determinations. The
difficulties associated with completing
such a determination have been
exacerbated by the substantial growth in
the use of formal trusts in recent
decades. The amendments are expected
to reduce the time spent reviewing such
information and provide greater
flexibility to automate deposit insurance
determinations, thereby reducing
potential delays in the completion of
deposit insurance determinations and
payments. Timely payment of deposit
insurance also helps to avoid reductions
in the franchise value of failed IDIs,
expanding resolution options and
mitigating losses.
Effects on the Deposit Insurance Fund
The FDIC is also mindful of the effect
that changes to the deposit insurance
regulations have on deposit insurance
coverage and generally on the Deposit
Insurance Fund (DIF), which is used to
pay deposit insurance in the event of an
IDI’s failure. The FDIC manages the DIF
according to parameters established by
Congress and continually evaluates the
adequacy of the DIF to resolve failed
banks and protect insured depositors.
The FDIC’s general intent is that
amendments to the trust rules are
neutral with respect to the DIF.
B. Background
1. Deposit Insurance and the FDIC’s
Statutory and Regulatory Authority
The FDIC is an independent agency
that maintains stability and public
confidence in the nation’s financial
system by: Insuring deposits; examining
and supervising IDIs for safety and
soundness and compliance with
consumer financial protection laws; and
resolving IDIs and large and complex
financial institutions, and managing
receiverships. The FDIC has helped to
maintain public confidence in times of
financial turmoil, including the period
from 2008 to 2013, when the United
States experienced a severe financial
crisis, and more recently in 2020 during
the financial stress associated with the
COVID–19 pandemic. During the more
than 88 years since the FDIC was
established, no depositor has lost a
penny of FDIC-insured funds.
The FDI Act establishes the key
parameters of deposit insurance
coverage, including the standard
maximum deposit insurance amount
(SMDIA), currently $250,000.5 In
addition to providing deposit insurance
coverage up to the SMDIA at each IDI
where a depositor maintains deposits,
the FDI Act also provides separate
insurance coverage for deposits that a
depositor maintains in different rights
and capacities (also known as insurance
categories) at the same IDI.6 For
example, deposits in the single
ownership category are separately
insured from deposits in the joint
ownership category at the same IDI.
The FDIC’s deposit insurance
categories have been defined through
both statute and regulation. Certain
categories, such as the government
deposit category, have been expressly
defined by Congress.7 Other categories,
such as joint deposits and corporate
deposits, have been based on statutory
interpretation and recognized through
regulations issued in 12 CFR part 330
pursuant to the FDIC’s rulemaking
authority. In addition to defining the
insurance categories, the deposit
insurance regulations in part 330
provide the criteria used to determine
insurance coverage for deposits in each
category.
Over the years, deposit insurance
coverage has evolved to reflect both the
FDIC’s experience and changes in the
banking industry. The FDI Act includes
provisions defining the coverage for
certain trust deposits,8 while coverage
for other trust deposits has been defined
by regulation.9
2. Current Rules for Coverage of Trust
Deposits
The FDIC currently recognizes three
different insurance categories for
deposits held in connection with trusts:
(1) Revocable trusts; (2) irrevocable
trusts; and (3) irrevocable trusts with an
IDI as trustee.
Revocable Trust Deposits
The revocable trust category applies
to deposits for which the depositor has
evidenced an intention that the deposit
will belong to one or more beneficiaries
upon his or her death. This category
includes deposits held in connection
with formal revocable trusts—that is,
revocable trusts established through a
written trust agreement. It also includes
deposits that are not subject to a formal
trust agreement, where the IDI makes
payment to the beneficiaries identified
in the IDI’s records upon the depositor’s
death based on account titling and
applicable State law. The FDIC refers to
these types of deposits, including Totten
trust accounts, payable-on-death
accounts, and similar accounts, as
‘‘informal revocable trusts.’’ Deposits
associated with formal and informal
revocable trusts are aggregated for
purposes of the deposit insurance rules;
thus, deposits that will pass from the
same grantor to beneficiaries are
aggregated and insured up to the
SMDIA, currently $250,000, per
beneficiary, regardless of whether the
transfer would be accomplished through
a written revocable trust or an informal
revocable trust.10
Under the current revocable trust
rules, beneficiaries include natural
persons, charitable organizations, and
non-profit entities recognized as such
under the Internal Revenue Code of
1986.11 If a named beneficiary does not
qualify as a beneficiary under the rule,
funds held in trust for that beneficiary
are treated as single ownership funds of
the grantor and aggregated with any
other single ownership accounts that the
grantor maintains at the same IDI.12
Certain requirements also must be
satisfied for a deposit to be insured in
the revocable trust category. The grantor
must intend that the funds will belong
to the beneficiaries upon the depositor’s
death, and this intention must be
manifested in the ‘‘title’’ of the account
using commonly accepted terms such as
‘‘in trust for,’’ ‘‘as trustee for,’’ ‘‘payable-
on-death to,’’ or any acronym for these
terms. For purposes of this requirement,
‘‘title’’ includes the IDI’s electronic
deposit account records. For example,
an IDI’s electronic deposit account
records could identify the account as a
revocable trust account through coding
or a similar mechanism.13
VerDate Sep<11>2014 16:18 Jan 27, 2022 Jkt 256001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\28JAR1.SGM 28JAR1
jspears on DSK121TN23PROD with RULES1