Does FDIC protect IOLTA funds?

Lawyers, law firms, and financial institutions need to understand how Federal Deposit Insurance Corporation (FDIC) insurance applies to IOLTA accounts — especially in light of recent bank failures. The FDIC classifies IOLTA accounts as a form of “fiduciary account.” Such an account must meet certain conditions for client funds within an IOLTA to be protected, FDIC guidance explains: (1) “The fiduciary nature of the account must be disclosed in the bank’s deposit account records” and (2) "the name and ownership interest of each owner must be ascertainable from the deposit account records of the insured bank or from records maintained by the agent [i. more

WisTAF is accepting applications for domestic violence/sexual abuse civil legal services funding through March 17th

WisTAF 2023-24 Domestic Violence & Sexual Abuse Civil Legal Services State Appropriation grant application materials (for funding covering the period from July 1, 2023, through June 30, 2024) are now available online: https://wisconsintrustaccountfoundation.submittable.com/submit Completed applications must be submitted to WisTAF no later than the end of day March 17, 2023 to be eligible for funding consideration. more

WisTAF announces $7.4 million in COVID-related grant awards

The Wisconsin Trust Account Foundation determined grant awards in the state''s COVID-related legal assistance program. WisTAF''s Board of Directors decided at its October 14 meeting to make the following grants available. The State of Wisconsin created the grant program earlier in 2022 and named WisTAF the fund administrator. more

WisTAF disburses legal assistance for Afghan evacuees

Total payments will top $670,000 in federal funds MADISON — The Wisconsin Trust Account Foundation (WisTAF) today distributed funds that allow people who evacuated Afghanistan to pursue necessary legal avenues to stability and self-sufficiency. The disbursements are the first in the Afghan Immigration-Related Legal Assistance grant program. WisTAF launched the program using federal funds, in partnership with state government. more

WisTAF awards $450,000 in Domestic Violence and Sexual Abuse Legal Assistance Grants

Hundreds of survivors of violence and abuse will achieve safety and independence through legal assistance grants announced today. The Wisconsin Trust Account Foundation, Inc. (WisTAF), will distribute $450,000 in Domestic Violence and Sexual Abuse (DVSA) Legal Services funding to twelve organizations around the state. These grant recipients will help survivors accomplish critical legal tasks for themselves and their families. more