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New FDIC Rule Creates Unlimited Protection for IOLTA Accounts
The Federal Deposit Insurance Corporation (FDIC) announced on
November 21, 2008, that effective immediately client funds deposited
in IOLTA accounts at participating financial intuitions are eligible
for unlimited deposit insurance coverage as part of the Temporary
Liquidity Guarantee Program (TLGP). All funds in an IOLTA account,
regardless of size, will now be insured in full by the FDIC and
backed by the full faith and credit of the United States Government,
as part of the Temporary Account Guarantee (TAG) provisions of the
TLGP. Financial institutions opting out of the TAG coverage must
display a notification to customers. The additional coverage is in
effect until December 31, 2009, unless extended. Full text of the
final Rule can be found at:
http://www.fdic.gov/news/board/08BODtlgp.PDF
The FDIC has posted the list of financial
institutions that have opted out of the Transaction Account
Guarantee Program of the TLGP. Please see the link below:
http://www.fdic.gov/regulations/resources/TLGP/optout.html
 MJF
Feature Grantee: Cascade County Law Clinic
Jane had recently escaped years in an abusive relationship that had
left her nearly deaf in both ears and was trying to make a new life
for herself. She was attending school to become a hair dresser and
secured housing in a government assisted complex.
Read more
>>
LUNCH for JUSTICE
On November 13th, 2008, more than 100 attorneys, judges, and other
community leaders from the Billings area gathered at the Billings
Petroleum Club for the Montana Justice Foundation’s (MJF) first-ever
Lunch for Justice Event.
Read more
>>
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