Pennsylvania’s legal services bar is waiting with worry to hear if a new federal banking regulation will be revised to provide unlimited government deposit insurance for lawyer trust accounts whose interest proceeds fund agencies serving the indigent.
The Federal Deposit Insurance Corp., an independent federal agency that protects against the loss of deposits at insured U.S. financial institutions, has proposed a temporary rule that would provide unlimited government protection of funds in non-interest-bearing accounts and provide $250,000 of government protection per owner of other accounts. Under this rule, there is not unlimited coverage for interest-earning attorney trust accounts.
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