FDIC, Heeding Attorneys, Heads Off a Potential IOLTA Disaster

Posted on November 25, 2008 by Matthew Burnett

While not technology related, this National Law Journal article on the FDIC's announcement that IOLTA funds are immediately eligible for insurance coverage under the Temporary Liquidity Guarantee Program (TGLP) should be of interest to folks in our community. "Abandoning IOLTA would have been catastrophic for IOLTA programs in all 50 states, which provide funding for legal aid for the poor," said [ABA President H. Thomas] Wells. "Moving the accounts to larger banks would have defeated the FDIC's purpose in creating the TLGP." -M

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