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Federal Register / Vol. 86, No. 146 / Tuesday, August 3, 2021 / Proposed Rules take effect on the first day of a calendar quarter which begins on or after the date on which the regulations are published in final form.89
The proposed rule would not impose additional reporting or disclosure requirements on insured depository institutions, including small depository institutions, or on the customers of depository institutions. Accordingly, section 302 of RCDRIA does not apply.
Nevertheless, the requirements of RCDRIA will be considered as part of the overall rulemaking process, and the FDIC invites comments that will further inform its consideration of RCDRIA.
E. Treasury and General Government Appropriations Act, 1999Assessment of Federal Regulations and Policies on Families The FDIC has determined that the proposed rule will not affect family well-being within the meaning of section 654 of the Treasury and General Government Appropriations Act, enacted as part of the Omnibus Consolidated and Emergency Supplemental Appropriations Act of 1999.90
F. Plain Language Section 722 of the Gramm-LeachBliley Act 91 requires the Federal banking agencies to use plain language in all proposed and final rulemakings published in the Federal Register after January 1, 2000. The FDIC invites your comments on how to make this proposal easier to understand. For example:
Has the FDIC organized the material to suit your needs? If not, how could the material be better organized?
Are the requirements in the proposed regulation clearly stated? If not, how could the regulation be stated more clearly?
Does the proposed regulation contain language or jargon that is unclear? If so, which language requires clarification?
Would a different format grouping and order of sections, use of headings, paragraphing make the regulation easier to understand?

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List of Subjects in 12 CFR Part 330
Bank deposit insurance, Reporting and recordkeeping requirements, Savings associations.
Authority and Issuance For the reasons stated above, the Federal Deposit Insurance Corporation 89 12

U.S.C. 4802b.
Law 105277, 112 Stat. 2681 Oct. 21,
90 Public
1998.
91 Public Law 106102, 113 Stat. 1338, 1471 Nov.
12, 1999.

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proposes to amend part 330 of title 12
of the Code of Federal Regulations as follows:
PART 330DEPOSIT INSURANCE
COVERAGE
1. The authority citation for part 330
continues to read as follows:

Authority: 12 U.S.C. 1813l, 1813m, 1817i, 1818q, 1819aTenth, 1820f, 1820g, 1821a, 1821d, 1822c.
330.1

Amended
2. Amend 330.1 by removing and reserving paragraphs m and r.
3. Revise 330.7d to read as follows:

330.7 Accounts held by an agent, nominee, guardian, custodian or conservator.

d Mortgage servicing accounts.
Accounts maintained by a mortgage servicer, in a custodial or other fiduciary capacity, which are comprised of payments of principal and interest, shall be insured for the cumulative balance paid into the account by mortgagors, or in order to satisfy mortgagors principal or interest obligations to the lender, up to the limit of the SMDIA per mortgagor. Accounts maintained by a mortgage servicer, in a custodial or other fiduciary capacity, which are comprised of payments by mortgagors of taxes and insurance premiums shall be added together and insured in accordance with paragraph a of this section for the ownership interest of each mortgagor in such accounts.

4. Revise 330.10 to read as follows:
330.10

Trust accounts.

a Scope and definitions. This section governs coverage for deposits held in connection with informal revocable trusts, formal revocable trusts, and irrevocable trusts not covered by 330.12 trust accounts. For purposes of this section:
1 Informal revocable trust means a trust under which a deposit passes directly to one or more beneficiaries upon the depositors death without a written trust agreement, commonly referred to as a payable-on-death account, in-trust-for account, or Totten trust account.
2 Formal revocable trust means a revocable trust established by a written trust agreement under which a deposit passes to one or more beneficiaries upon the grantors death.
3 Irrevocable trust means an irrevocable trust established by statute or a written trust agreement and not
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otherwise insured as described in 330.12.
b Calculation of coverage1
General calculation. Each grantors trust deposits are insured in an amount up to the SMDIA multiplied by the total number of beneficiaries identified by the grantor, up to a maximum of 5
beneficiaries.
2 Aggregation for purposes of insurance limit. Trust deposits that pass from the same grantor to beneficiaries are aggregated for purposes of determining coverage under this section, regardless of whether those deposits are held in connection with an informal revocable trust, formal revocable trust, or irrevocable trust.
3 Separate insurance coverage. The deposit insurance coverage provided under this section is separate from coverage provided for other deposits at the same insured depository institution.
4 Equal allocation presumed. Unless otherwise specified in the deposit account records of the insured depository institution, a deposit held in connection with a trust established by multiple grantors is presumed to have been owned or funded by the grantors in equal shares.
c Number of beneficiaries. For purposes only of determining the total number of beneficiaries for a trust deposit under paragraph b of this section:
1 Eligible beneficiaries. Subject to paragraph c2 of this section, beneficiaries include natural persons, as well as charitable organizations and other non-profit entities recognized as such under the Internal Revenue Code of 1986, as amended.
2 Ineligible beneficiaries.
Beneficiaries do not include:
i The grantor of a trust; or ii A person or entity that would only obtain an interest in the deposit if one or more named beneficiaries are deceased.
3 Future trusts named as beneficiaries. If a trust agreement provides that trust funds will pass into one or more new trusts upon the death of the grantors, the future trusts are not treated as beneficiaries of the trust;
rather, the future trusts are viewed as mechanisms for distributing trust funds, and the beneficiaries are the natural persons or organizations that shall receive the trust funds through the future trusts.
4 Informal trust account payable to depositors formal trust. If an informal revocable trust designates the depositors formal trust as its beneficiary, the informal revocable trust account will be treated as if titled in the name of the formal trust.

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