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B-333998 Feb 18, 2022 1 (2022-02-18)

handle is hein.gao/gaomuk0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE
441 G St. N.W.
Washington, DC 20548
B-333998
February 18, 2022
The Honorable Sherrod Brown
Chairman
The Honorable Patrick J. Toomey
Ranking Member
Committee on Banking, Housing, and Urban Affairs
United States Senate
The Honorable Maxine Waters
Chairwoman
The Honorable Patrick McHenry
Ranking Member
Committee on Financial Services
House of Representatives
Subject: Federal Deposit Insurance Corporation: Simplification of Deposit Insurance Rules
Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule
promulgated by the Federal Deposit Insurance Corporation (FDIC) entitled Simplification of
Deposit Insurance Rules (RIN: 3064-AF27). We received the rule on February 4, 2022. It was
published in the Federal Register as a final rule on January 28, 2022. 87 Fed. Reg. 4455.
The effective date is April 1, 2024.
FDIC stated this final rule amends its regulations governing deposit insurance coverage. FDIC
further stated 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 provides consistent deposit insurance
treatment for all mortgage servicing account balances held to satisfy principal and interest
obligations to a lender.
Enclosed is our assessment of FDIC's compliance with the procedural steps required by section
801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about
this report or wish to contact GAO officials responsible for the evaluation work relating to the
subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202)
512-6398.
Shirley A. Jones
Managing Associate General Counsel

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