IOLTA ACCOUNTS RECEIVE UNLIMITED FDIC INSURANCE COVERAGE- On Friday, November 21, 2008, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a Final Rule for the Temporary Liquidity Guarantee Program (TLGP) which will provide unlimited FDIC insurance coverage for certain bank accounts, including accounts in the Interest on Lawyer Trust Accounts (IOLTA) program. This is a significant action that will provide security to lawyers in all 50 states who place their client funds in IOLTA accounts. Here in West Virginia, the IOLTA program was set up by an Order of the Supreme Court of Appeals in 1990 and is administered by the WV Bar Foundation. It has generated more than $13 million for free civil legal services for low income citizens. The Bar Foundation, through its Board of Directors and IOLTA Advisory Committee, worked with the American Bar Association, IOLTA programs around the country, the offices of Senators Byrd and Rockefeller as well as other interested parties to generate support for the unlimited insurance coverage. The FDIC reported that it received approximately 750 public comments with more than a majority relating to IOLTA insurance coverage. If you have any questions, please contact the Bar Foundation’s Executive Director, Tom Tinder, at 304-343-9823 or tom@wvbarfoundation.org
On behalf of the West Virginia Bar Foundation, the philanthropic organization for West Virginia’s legal profession and justice system since 1988, we are very pleased to initiate our revamped, reinvigorated and revolutionary new website! It will be the primary communications and information source for the important work that is done by the Bar Foundation.
The website includes everything you want to know about the goals and successes, the programs and services, and the governance and actions that are undertaken to benefit the lawyers, judges and citizens of the State. It is the source of facts and materials that enables the Bar Foundation to achieve its mission of improving the administration of justice and the provision of legal services for West Virginia’s men, women and children.
The Bar Foundation’s Board of Directors—a diverse group of fifteen lawyers from all parts of the State and all types of law practice—is committed to accomplishing even more positive endeavors in the future. You can expect to see the West Virginia Bar Foundation continuing to work professionally, proactively and cooperatively to assist our State and its people.
Please give us your input about what we are currently doing and what suggestions you have for us.
Tom Tinder
Executive Director
304-343-9823
tom@wvbarfoundation.org