Given the recent news of issues facing the banking industry and inquiries from concerned lawyers, the following is information that may be helpful in understanding FDIC coverage for IOLTA accounts and ways to maximize that coverage.
Given the recent news of issues facing the banking industry and inquiries from concerned lawyers, the following is information that may be helpful in understanding FDIC coverage for IOLTA accounts and ways to maximize that coverage.
On Sunday, March 12th in a joint release the FDIC, Federal Reserve Board of Governments, and the Department of the Treasury announced
On Friday, March 10th, Silicon Valley Bank (SVB) was closed and the Federal Deposit Insurance (FDIC) Corporation was named as receiver.
The Office of Bar Counsel announced it is now processing applications by lawyers who have IOLTA funds that cannot be disbursed.
The Massachusetts IOLTA Committee
18 Tremont Street, Suite1010
Boston, MA 02108-2316