News Updates
2011
Local Bar and Texas Young Lawyers
Associations Supporting LSC Funding
Amarillo Young Lawyers Association
Austin Bar Association
Dallas Association of Young Lawyers
Dallas Bar Association
El Paso Bar Association
Galveston County Bar Association
Houston Bar Association
Houston Young Lawyers Association
Jefferson County Bar Association
Jefferson
County Bar Foundation
Jefferson County Young Lawyers Association
Lubbock Young Lawyers Association
San Antonio Bar Association
Smith County Bar Association
Tarrant County Bar Association
Texas Young Lawyers Association
Tom Green County Young Lawyers Association
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2011
State and Local Associations Adopt
Resolutions Supporting Funding for Legal Aid
Association
of Corporate Counsel-Austin Chapter
Austin Bar Association
Austin
Young Lawyers Association
Brazos Valley Young Lawyers Association
Dallas Asian American Bar Association
Dallas Bar Association
Fort Worth-Tarrant County Young Lawyers Assn.
Hidalgo County Bar Association
Houston Bar Association
Lubbock
County Bar Association
Mexican American Bar Assn. of El Paso
Mexican American Bar Assn. of Texas
San
Antonio Bar Association
San
Antonio Young Lawyers Association
Smith County Bar Association
State Bar of Texas
Tarrant County Bar Association
Texas
Access to Justice Commission
Texas Judicial Council
Texas Young Lawyers Association
Travis County Women Lawyers' Association
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FDIC
Protection of IOLTA Timeline
Dec. 30, 2010 --
See
Statement from Richard L. Tate, TAJF Board Chair, on FDIC Protection of
IOLTA Accounts
Dec. 29, 2010
-- President
signs H.R. 6398 into law.
UPDATE: Dec. 22 -- Congress
Passes Bill Requiring FDIC Protection
of IOLTA!UPDATE: Dec. 13 --
Senate bill
UPDATE: Nov. 30 --
The House passes H.R. 6398!
Watch
Rep. Doggett's remarks.
The Wall Street Reform Act
(Dodd-Frank Act) inadvertently failed to include full FDIC coverage on IOLTA
accounts (see Background below). The current insurance expires Dec. 31
and we need a legislative fix before Congress goes into recess. Please
send a letter (sample below) in support of the House Bill filed by Texas
Representative Lloyd Doggett to your local Congress member.
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House Bill 6398
by Representative Lloyd Doggett
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Letter
to congressional
delegation from Dick Tate, Chair, Texas Access to Justice Foundation and
Harry M. Reasoner, Chair, Texas Access to Justice Foundation and
letter
from State Bar President Terry Tottenham
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August 2009
Conference of Chief Justices and State Court Administrators Adopt Resolution in Support of Increased federal funding for the Legal Services Corporation.
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May 20, 2009
FDIC Deposit Insurance Coverage Reminder
Deposits at FDIC-insured institutions are
now insured up to at least $250,000 per
depositor through Dec. 31, 2013. On
Jan. 1, 2014, the standard insurance
amount will return to $100,000 per depositor
for all account categories except for IRAs
and other certain retirement accounts which
will remain at $250,000 per depositor. (This
supersedes the Oct. 3, 2008, changes.)
The extension announced on May 20, 2009,
does not apply to the Transaction Account
Guarantee Program. The unlimited coverage
under the Transaction Account Guarantee
Program is only in effect for depositors at
participating institutions through Dec.
31, 2009.
This means that as of Jan. 1, 2010, funds held in IOLTA accounts, as
well as those held in non-interest bearing
transaction accounts, will be treated the
same as the funds held in all other
FDIC insured accounts: each depositor's
total funds held in the financial
institution will be insured up to a total of
$250,000.
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State Bar and Local Bars Adopt Resolutions Supporting Funding for Legal Aid
State Bar of Texas, April 1, 2009
Austin Bar
Association, April 29, 2009
Cameron County Bar
Association, April 20, 2009
Dallas Bar
Association, March 19, 2009
El Paso Bar Association, March 23, 2009
Houston Bar Association,
March 23, 2009
Lubbock County Bar Association, March 9, 2009
San Antonio Bar Association, April 14, 2009
Smith County Bar Association, March 20, 2009
Texarkana Bar Association , May 12, 2009
Texas Young Lawyers Association , May 2, 2009
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Jan. 19, 2009
"Interest Rate Drop Has Dire Results for Legal Aid", New
York Times
Jan. 13, 2009 Texas Supreme Court
Orders Changes to IOLTA Rule Calculation Court Orders New Calculation for IOLTA Accounts
Jan. 2, 2009
Opinion by Justice O'Neill in
San Antonio Express-News
"Legal aid is
crucial to a fair system"
Dec. 23, 2008
NPR Marketplace features Texas
in
"Legal aid funding on the decline"
Free Online Legal Help Now Available for Hurricane Ike
Victims
Nov. 21, 2008 Texas Supreme Court Requires Attorneys to Place IOLTA Accounts at Eligible Banks
On
Nov. 21, 2008, the FDIC
extended its unlimited protection of non-interest bearing accounts under
the Temporary Liquidity Guarantee Program (TLGP) to include Interest on
Lawyers’ Trust Accounts (IOLTA). An individual client's funds
deposited in IOLTA accounts are fully insured regardless of the
amount. This provision took place immediately and is valid through
December 31, 2009.
As long
as your account is at a bank that has opted-in to this program, you no
longer have to worry about whether IOLTA account balances will be insured,
nor do you need to worry about establishing IOLTA accounts at several
different financial institutions. The entire balance in your IOLTA
account will be insured by the FDIC under the TLGP. You may leave your
IOLTA account as is and be assured that the interest earned will continue to
fund legal aid for low-income Texans.
The December 2008 Texas Bar Journal included an article on
"Client Trust Accounts and the Financial Crisis" that went to press before
this November ruling by the FDIC.
You may refer to the FDIC’s web site
http://www.fdic.gov/regulations/resources/TLGP/faq.html for more
information
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