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FDIC To Approve Final Rule On IOLTAs At Today's Board Meeting

Posted on 1/18/2011

The FDIC Board at its meeting today will approve a final rule amending agency deposit insurance regulations to include Interest on Lawyers Trust Accounts -- or IOLTAs -- in the temporary unlimited coverage for noninterest-bearing transaction accounts. The coverage -- mandated by the Dodd-Frank Act -- did not originally include IOLTAs until Congress passed an ABA-backed bill (H.R. 6398) that President Obama signed into law on Dec. 29. To read the meeting agenda visit: http://www.fdic.gov/news/board/NoticeJAN2011.html


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