Here’s the official press release:
Office of the Press Secretary
For Immediate Release
December 29, 2010
Statement by the Press Secretary, 12/29/2010
On Wednesday, December 29, 2010, the President signed into law:
H.R. 6398, which provides for permanent Federal deposit insurance coverage for Interest on Lawyers Trust Accounts, the interest earned on which is used by States to support legal aid for low-income individuals.
Why does this mean?
This amendment will provide Interest on Lawyers Trust Accounts (IOLTAs) with the same temporary, unlimited insurance coverage afforded to noninterest-bearing transaction accounts under the Dodd-Frank Wall Street Reform and Consumer Protection Act – H.R. 6398 extends unlimited FDIC insurance to IOLTA accounts through December 31, 2012.
For more details, http://www.fdic.gov/deposit/deposits/changes2.html.
Happy New Year!