Notification to Institutions Covered by the FDIC's Recordkeeping for Timely Deposit Insurance Determination Rule Regarding Amendments to the Deposit Insurance Coverage Rules, 4471 [2022-01608]

Download as PDF Federal Register / Vol. 87, No. 19 / Friday, January 28, 2022 / Rules and Regulations (4) Insured depository institution as trustee of an irrevocable trust. Deposits held by an insured depository institution in its capacity as trustee of an irrevocable trust are insured as provided in § 330.12. § 330.13 ■ [Removed and Reserved] 5. Remove and reserve § 330.13. Federal Deposit Insurance Corporation. By order of the Board of Directors. Dated at Washington, DC, this 21st day of January, 2022. James P. Sheesley, Assistant Executive Secretary. [FR Doc. 2022–01607 Filed 1–27–22; 8:45 am] BILLING CODE 6714–01–P FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 370 Notification to Institutions Covered by the FDIC’s Recordkeeping for Timely Deposit Insurance Determination Rule Regarding Amendments to the Deposit Insurance Coverage Rules Federal Deposit Insurance Corporation (FDIC). ACTION: Notification. AGENCY: The FDIC is publishing this notification to insured depository institutions covered by its Recordkeeping for Timely Deposit Insurance Determination rule that it has amended its deposit insurance coverage rules for certain trust accounts and mortgage servicing accounts and such amendments will take effect on April 1, 2024. The FDIC is publishing this notification to specify for covered institutions that they must prepare updates or changes to their deposit insurance calculation capabilities as a result of the amendments, and such changes must be implemented and operational on April 1, 2024, the effective date of the amendments. DATES: January 28, 2022. FOR FURTHER INFORMATION CONTACT: Cassandra Knighton, Section Chief, Division of Complex Institution Supervision and Resolution, (972) 761– 2802, cknighton@FDIC.gov; Shane Kiernan, Counsel, Legal Division, (202) 898–8512, skiernan@fdic.gov. SUPPLEMENTARY INFORMATION: The FDIC is providing notice to insured depository institutions covered by its rule entitled ‘‘Recordkeeping for Timely Deposit Insurance Determination,’’ 12 CFR part 370 (each a ‘‘covered institution’’ under ‘‘part 370’’), that it amended its deposit insurance coverage jspears on DSK121TN23PROD with RULES1 SUMMARY: VerDate Sep<11>2014 16:18 Jan 27, 2022 Jkt 256001 rules for certain trust accounts and mortgage servicing accounts on January 21, 2022 (the ‘‘amendments’’). The amendments take effect on April 1, 2024. The FDIC delayed the effective date of the amendments until April 1, 2024, to provide time before the amendments take effect to: Insured depository institutions and their depositors to review deposit insurance coverage and adjust their deposit account arrangements and deposit relationships, if desired; FDIC staff to reprogram the information technology infrastructure that the FDIC uses to determine deposit insurance coverage and to make payment to insured depositors and update the FDIC’s deposit insurance coverage publications, including publications that provide guidance to covered institutions; and covered institutions to prepare to implement changes to recordkeeping and information technology capabilities required under part 370. Part 370 generally requires each covered institution to implement the information technology system and recordkeeping capabilities needed to quickly calculate the amount of deposit insurance coverage available for each deposit account in the event of failure (‘‘part 370 capabilities’’). Pursuant to § 370.10(d), ‘‘[a] covered institution will not be considered to be in violation of this part as a result of a change in law that alters the availability or calculation of deposit insurance for such period as specified by the FDIC following the effective date of such change.’’ 12 CFR 370.10(d). The FDIC is publishing this document pursuant to § 370.10(d) to specify for covered institutions that they must prepare updates or changes to their part 370 capabilities as a result of the amendments, and such changes must be implemented and operational on April 1, 2024, the effective date of the amendments. The delayed effective date of the amendments provides covered institutions with at least 24 months following adoption to prepare the updates or changes to their part 370 capabilities. Therefore, the FDIC is not providing an additional period of time pursuant to § 370.10(d) after April 1, 2024. Federal Deposit Insurance Corporation. Dated at Washington, DC, on January 21, 2022. James P. Sheesley, Assistant Executive Secretary. [FR Doc. 2022–01608 Filed 1–27–22; 8:45 am] BILLING CODE 6714–01–P PO 00000 Frm 00017 Fmt 4700 Sfmt 4700 4471 DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 39 [Docket No. FAA–2022–0013; Project Identifier MCAI–2021–01371–E; Amendment 39–21920; AD 2022–03–03] RIN 2120–AA64 Airworthiness Directives; Austro Engine GmbH Engines Federal Aviation Administration (FAA), DOT. ACTION: Final rule; request for comments. AGENCY: The FAA is superseding Airworthiness Directive (AD) 2021–22– 20 which applied to certain Austro Engine GmbH E4 and E4P model diesel piston engines. AD 2021–22–20 required, for engines with an affected cylinder head, inspection of the high pressure pump (HPP) driving gear and, depending on the results of the inspection, replacement of the HPP driving gear with a part eligible for installation. AD 2021–22–20 also required, for engines with an affected HPP driving gear, replacement of the HPP driving gear before further flight or within a certain number of flight hours, depending on the engine configuration and number of affected engines installed. This AD requires, for engines equipped with a certain cylinder head and HPP driving gear combination, removal, inspection, and replacement of the HPP driving gear before further flight and, depending on the inspection findings, replacement of the HPP shaft, cylinder head, camshaft gear, or inlet/ outlet camshaft bushing. This AD also requires, for engines with an affected HPP driving gear, replacement of the HPP driving gear before further flight or within a certain number of flight hours, depending on the engine configuration and number of affected engines installed. This AD was prompted by reports of failure of the HPP driving gear and a subsequent determination that a batch of HPP driving gears may have been damaged during assembly. This AD was also prompted by an investigation which found that certain cylinder heads installed in combination with certain HPP driving gear on the same engine may cause damage to the HPP driving gear. The FAA is issuing this AD to address the unsafe condition on these products. DATES: This AD is effective February 14, 2022. The Director of the Federal Register approved the incorporation by reference SUMMARY: E:\FR\FM\28JAR1.SGM 28JAR1

Agencies

[Federal Register Volume 87, Number 19 (Friday, January 28, 2022)]
[Rules and Regulations]
[Page 4471]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01608]


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FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 370


Notification to Institutions Covered by the FDIC's Recordkeeping 
for Timely Deposit Insurance Determination Rule Regarding Amendments to 
the Deposit Insurance Coverage Rules

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notification.

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SUMMARY: The FDIC is publishing this notification to insured depository 
institutions covered by its Recordkeeping for Timely Deposit Insurance 
Determination rule that it has amended its deposit insurance coverage 
rules for certain trust accounts and mortgage servicing accounts and 
such amendments will take effect on April 1, 2024. The FDIC is 
publishing this notification to specify for covered institutions that 
they must prepare updates or changes to their deposit insurance 
calculation capabilities as a result of the amendments, and such 
changes must be implemented and operational on April 1, 2024, the 
effective date of the amendments.

DATES: January 28, 2022.

FOR FURTHER INFORMATION CONTACT: Cassandra Knighton, Section Chief, 
Division of Complex Institution Supervision and Resolution, (972) 761-
2802, [email protected]; Shane Kiernan, Counsel, Legal Division, (202) 
898-8512, [email protected].

SUPPLEMENTARY INFORMATION: The FDIC is providing notice to insured 
depository institutions covered by its rule entitled ``Recordkeeping 
for Timely Deposit Insurance Determination,'' 12 CFR part 370 (each a 
``covered institution'' under ``part 370''), that it amended its 
deposit insurance coverage rules for certain trust accounts and 
mortgage servicing accounts on January 21, 2022 (the ``amendments''). 
The amendments take effect on April 1, 2024. The FDIC delayed the 
effective date of the amendments until April 1, 2024, to provide time 
before the amendments take effect to: Insured depository institutions 
and their depositors to review deposit insurance coverage and adjust 
their deposit account arrangements and deposit relationships, if 
desired; FDIC staff to reprogram the information technology 
infrastructure that the FDIC uses to determine deposit insurance 
coverage and to make payment to insured depositors and update the 
FDIC's deposit insurance coverage publications, including publications 
that provide guidance to covered institutions; and covered institutions 
to prepare to implement changes to recordkeeping and information 
technology capabilities required under part 370.
    Part 370 generally requires each covered institution to implement 
the information technology system and recordkeeping capabilities needed 
to quickly calculate the amount of deposit insurance coverage available 
for each deposit account in the event of failure (``part 370 
capabilities''). Pursuant to Sec.  370.10(d), ``[a] covered institution 
will not be considered to be in violation of this part as a result of a 
change in law that alters the availability or calculation of deposit 
insurance for such period as specified by the FDIC following the 
effective date of such change.'' 12 CFR 370.10(d). The FDIC is 
publishing this document pursuant to Sec.  370.10(d) to specify for 
covered institutions that they must prepare updates or changes to their 
part 370 capabilities as a result of the amendments, and such changes 
must be implemented and operational on April 1, 2024, the effective 
date of the amendments. The delayed effective date of the amendments 
provides covered institutions with at least 24 months following 
adoption to prepare the updates or changes to their part 370 
capabilities. Therefore, the FDIC is not providing an additional period 
of time pursuant to Sec.  370.10(d) after April 1, 2024.

Federal Deposit Insurance Corporation.

    Dated at Washington, DC, on January 21, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-01608 Filed 1-27-22; 8:45 am]
BILLING CODE 6714-01-P
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