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News Updates
Conference of Chief Justices and State Court Administrators Adopt Resolution in Support of Increased federal funding for the Legal Services Corporation.
August 2009
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May 20, 2009
FDIC Deposit Insurance Coverage Reminder
Deposits at FDIC-insured institutions are
now insured up to at least $250,000 per
depositor through Dec. 31, 2013. On
Jan. 1, 2014, the standard insurance
amount will return to $100,000 per depositor
for all account categories except for IRAs
and other certain retirement accounts which
will remain at $250,000 per depositor. (This
supersedes the Oct. 3, 2008, changes.)
The extension announced on May 20, 2009,
does not apply to the Transaction Account
Guarantee Program. The unlimited coverage
under the Transaction Account Guarantee
Program is only in effect for depositors at
participating institutions through Dec.
31, 2009.
This means that as of Jan. 1, 2010, funds held in IOLTA accounts, as
well as those held in non-interest bearing
transaction accounts, will be treated the
same as the funds held in all other
FDIC insured accounts: each depositor's
total funds held in the financial
institution will be insured up to a total of
$250,000.
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State Bar and Local Bars Adopt Resolutions Supporting Funding for Legal Aid
State Bar of Texas, April 1, 2009
Austin Bar
Association, April 29, 2009
Cameron County Bar
Association, April 20, 2009
Dallas Bar
Association, March 19, 2009
El Paso Bar Association, March 23, 2009
Houston Bar Association,
March 23, 2009
Lubbock County Bar Association, March 9, 2009
San Antonio Bar Association, April 14, 2009
Smith County Bar Association, March 20, 2009
Texarkana Bar Association , May 12, 2009
Texas Young Lawyers Association , May 2, 2009
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Jan. 19, 2009
"Interest Rate Drop Has Dire Results for Legal Aid", New
York Times
Jan. 13, 2009
Texas Supreme Court
Orders Changes to IOLTA Rule Calculation Court Orders New Calculation for IOLTA Accounts
Jan. 2, 2009
Opinion by Justice O'Neill in
San Antonio Express-News
"Legal aid is
crucial to a fair system"
Dec. 23, 2008
NPR Marketplace features Texas
in
"Legal aid funding on the decline"
Free Online Legal Help Now Available for Hurricane Ike
Victims
Nov. 21, 2008
Texas Supreme Court Requires Attorneys to Place IOLTA Accounts at Eligible Banks
On
Nov. 21, 2008, the FDIC
extended its unlimited protection of non-interest bearing accounts under
the Temporary Liquidity Guarantee Program (TLGP) to include Interest on
Lawyers’ Trust Accounts (IOLTA). An individual client's funds
deposited in IOLTA accounts are fully insured regardless of the
amount. This provision took place immediately and is valid through
December 31, 2009.
As long
as your account is at a bank that has opted-in to this program, you no
longer have to worry about whether IOLTA account balances will be insured,
nor do you need to worry about establishing IOLTA accounts at several
different financial institutions. The entire balance in your IOLTA
account will be insured by the FDIC under the TLGP. You may leave your
IOLTA account as is and be assured that the interest earned will continue to
fund legal aid for low-income Texans.
The December 2008 Texas Bar Journal included an article on
"Client Trust Accounts and the Financial Crisis" that went to press before
this November ruling by the FDIC.
You may refer to the FDIC’s web site
http://www.fdic.gov/regulations/resources/TLGP/faq.html for more
information
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