FDIC Federal Register Citations

From: Scott Maurer [mailto:smaurer@scu.edu]
Sent: Wednesday, November 12, 2008 4:58 PM
To: Comments Subject: RIN # 3064–AD37

To Whom It May Concern:

It is essential that full coverage for Interest on Lawyer Trust Accounts (IOLTA) be included in the Temporary Liquidity Guarantee Program (TLGP) announced by the Federal Deposit Insurance Corporation (FDIC) on October 14, 2008. It is essential because states that establish IOLTA programs allow interest to be paid for charitable purposes including IOLTA programs. Today, IOLTA 37 states require lawyers to deposit client funds that cannot earn net interest for the client in IOLTA accounts. Interest generated from IOLTA accounts is paid to IOLTA programs that issue grants for the provision of civil legal aid to the poor, the administration of justice, and law-related education --which are vital to our democratic system’s guarantee of equal access to justice for all. Please ensure that the Temporary Liquidity Guarantee Program (TLGP) provide full coverage for Interest on Lawyer Trust Accounts (IOLTA).

Thank you for your consideration of this urgent matter,

Scott Maurer
Alexander Community Law Center
1030 The Alameda
San Jose, CA 95126