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To: Chief Executive Officers and Compliance Officers of All National Banks, Department and Division Heads, and All Examining Personnel

Description: Message to Bankers and Examiners

The Federal Deposit Insurance Corporation has revised its regulations governing the insurance coverage of joint ownership accounts and revocable trust (payable-on-death) accounts. The purpose of the revisions, which were proposed in July 1998, is to increase the public's understanding of the insurance rules through simplification.

The final rule simplifies the process for determining the insurance coverage of joint accounts; changes the insurance coverage of payable-on-death accounts by adding parents and siblings to the list of qualifying beneficiaries; and makes technical amendments to the rules on the coverage of accounts held by agents or fiduciaries. The revisions were effective April 1, 1999.

If you have questions, please contact your supervisory office or the Community and Consumer Policy Department at (202) 874-4866.

Nanette G. Goulet
Acting Deputy Comptroller
Community and Consumer Policy

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