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Events for the selected date: 2009-11-20
November 20, 2009 DEADLINE for financial institutions to complete the IOLTA Interest Rate Comparability Information Form
Financial institutions wishing to continue or begin participation in the IOLTA program must complete and return the IOLTA Interest Rate Comparability Information Form by November 20, 2009. Implementation packets containing the following materials were mailed to Wisconsin's 250-plus IOLTA participating financial institutions at the end of October.
In January 2010, WisTAF will post on its website a list of IOLTA participating financial institutions along with those financial institutions that are in the process of becoming compliant. The list also will indicate those financial institutions which have joined the Prime Partner Program - voluntarily agreeing to pay higher interest rates on IOLTA accounts - in an effort to help meet the growing need for access to civil legal services among low income members of their communities.
Note to attorneys holding trust accounts in Wisconsin financial institutions: You do not have to take any action regarding your trust account unless you are contacted by WisTAF or the Office of Lawyer Regulation. If you are not contacted by either agency, it means that WisTAF has determined that your financial institution is in alignment with IOLTA trust account requirements and will be designated as an IOLTA participating financial institution.
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| | | What's new | FDIC Adopts Final Rule Extending TAG Program Through December 31, 2010
June 22, 2010 - The Federal Deposit Insurance Corporation (FDIC) adopted a final rule extending the Transaction Account Guarantee (TAG) program for six months, from July 1, 2010 through December 31, 2010. Under the TAG program, customers of participating insured depository institutions are provided full coverage on qualifying transaction accounts. more |
| New FDIC rule extends insurance coverage on IOLTA accounts until at least December 31, 2010
On April 13, 2010, the Federal Deposit Insurance Corporation (FDIC) approved interim rules extending the Transaction Account Guarantee (TAG) Program to December 31, 2010. The rule provides for unlimited insurance for non-interest bearing transaction accounts (including IOLTA and functionally equivalent accounts), regardless of dollar amount, held in participating financial institutions. The rule also allows for the FDIC to extend the program through December 31, 2011 if the FDIC determines that economic conditions warrant such an extension. more |
| Now available - List of IOLTA Participating Financial Institutions and Prime Partners
The Wisconsin Trust Account Foundation, Inc. (WisTAF) works closely with financial institutions to verify their status as "IOLTA participating financial institutions" in the Interest on Lawyers' Trust Accounts (IOLTA) Program and assist in aligning with the rule governing IOLTA accounts. more |
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