Posted on January 21, 2011 by Daniel O'Rielly

FDIC Finalizes Rule on IOLTA Accounts

The Federal Deposit Insurance Company (FDIC) approved a final rule including Interest on Lawyer Trust Accounts (IOLTAs) in the temporary unlimited deposit coverage added by an amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The FDIC's final rule provides that funds held in IOLTA accounts are fully insured without limit from December 31, 2010, through December 31, 2012, in addition to coverage provided by the institution for other accounts.

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