FDIC To Simplify Dep Insur Rules for Revoc Trust

The FDIC Board met at 10:00 a.m. this morning to discuss an interim rule to simplify their deposit insurance rules for revocable trust accounts. See this web page.

http://www.fdic.gov/news/board/notice26Sept2008.html

The notice includes the staff memo to the Board and a draft of the interim rule.

Did anyone watch the web cast? Did the Board approve the interim rule?

I called the phone number listed on the meeting notice and left a message asking if the Board approved the rule. Someone from the FDIC left me a message and said it was approved by the Board.

Here's a link to the FDIC press release on this. http://www.fdic.gov/news/news/press/2008/pr08086.html

This is truly a big deal.

Yes, they approved it.

It goes into effective IMMEDIATELY. The actual documents aren't out yet, but they plan to get them out this weekend.

EDIE (the FDIC's Electronic Depositor Insurance Estimator) will be updated this weekend as well.

We're going to have something out on this ASAP.

The briefing we put out early this afternoon is here:

BankersOnline Special Briefing

Mr./Ms. Reads Regs -- your name is very appropriate! And you are very plugged in!