December 17, 2010

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The FDIC's Transaction Account Guarantee Program (the "TAG Program") ends at midnight on December 31, 2010, and the new unlimited FDIC insurance coverage provisions of the Dodd-Frank Act take immediate effect.  Under the Dodd-Frank Act, funds held in noninterest-bearing transaction accounts will be fully insured from January 1, 2010 through December 31, 2012.

As most bankers are aware, the Dodd-Frank Act makes several significant changes in the insurance coverage that is currently offered under the TAG Program and requires banks to provide certain disclosures to customers by December 31, 2010.

The Financial Institutions Group has prepared a Client Action Alert that describes changes to the insurance coverage and required action steps to be completed by December 31.  Please click below to read the Alert.