Participating WY IOLTA Financial Institutions
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