Trust accounts category would provide share insurance fund coverage of funds in both revocable and irrevocable trusts deposited at federally insured credit unions (FICUs).
In the accounts of members or those otherwise eligible to maintain insured accounts.
Proposed rule would provide consistent share insurance treatment for all mortgage servicing account balances held to satisfy principal and interest obligations to a lender.
Also, more flexible recordkeeping requirements to explicitly allow NCUA look to records held in normal course of business maintained by parties other than FICUs, members.
Would align to changes the FDIC previously adopted that take effect on Apr. 1, 2024.
Consultation
Comments must be submitted in 60 days from pending publication in federal register.
Oct. 25, 2023 Federal Register
On Oct. 25, 2023, NCUA issued proposed rule in federal register, comment by Dec. 26.
Sep. 19, 2024 NCUA Final Rule Approval
On Sep. 19, 2024, NCUA issuedBoard Action Bulletin reporting approval of final rule.
Final rule adopts the proposed changes to the trust account rules as proposed.
Effective on Dec. 1, 2026, except for amendments to instruction 5, instruction 7, instruction 13, which are effective 30 days following publication in the federal register.
Sep. 30, 2024 Fed Reg Final Rule
On Sep. 30, 2024, NCUA published final rule in federal register, effective Dec. 1, 2026.
