Bank Failures, Data Call & Congratulations to One of Our Own

Bank failures.  This week has been a tough one for banks and depositors.  Two banks have failed and the FDIC has stepped in to protect the deposits.   This is a good time to remind you about the protection afforded by the FDIC for depositors…..and how that relates to the monies you hold in your trust account.  Basically, FDIC insures individual deposits at a bank up to $250,000.  Here's how it works.  If I have three accounts at the same bank, the balances in those accounts will be combined to determine the amount of my coverage.  If I have $250,000 at three DIFFERENT banks, then all three accounts are covered.  Now let's talk about the money you hold in your trust account for others.  If you properly document with your accounting system how much money is being held for each of the individual third parties, then they are each covered up to $250,000 regardless of the total amount of money in your trust account.  Here is a good article published by The Florida Bar in 2008. Note: The $250,000 cap was made permanent with passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010.  https://www.thefund.com/information-center/pdf/bank-failures-florida-bar.pdf If you have questions after reviewing the article, our Regulatory Compliance Counsel, Bob Rohan, can probably help.  rrohan@thefund.com

Data Call deadline reminder.  If you do your business through a licensed title agency, don't forget the Data Call reporting deadline: May 31.  The Data Call is so important to the oversite and regulation of our industry so please make sure you have the best possible processes and procedures for tracking the required data AND to report it on time every year.  Thank you!

Fund Member to be Florida Bar President.  We have one of our own slated to be President of The Florida Bar for the upcoming Bar year of 2024-2025.  Roland Sanchez-Medina, Jr. with the law firm of Sanchez-Medina, Gonzalez, Quesada, Lage, Gomex & Machado has been a Fund Member since 2003.  We are very pleased that The Florida Bar will be lead by an attorney with a real estate background and who knows our issues!  Sanchez-Medina knows that the support of his peers and colleagues played a large role in achieving this honor. 

"I'm blessed to have had the support of so many members of the Board of Governors and RRPTL section when I endeavored to become president of The Florida Bar and it was their support, in large part, that allowed me to go unopposed.  That is crystal clear to me.  As we can all appreciate, and especially in our profession, you need the support of the people around you to succeed as a lawyer. The same thing can be said for the professional support that I (and SMGQ Law as a firm) receive from Attorney's Title Fund Services LLC.  In our case, the relationship we have with so many Members of The Fund have helped us succeed.  In particular, I and SMGQ Law would not be where we are today without the support and friendship from Jacqueline Marzan and the late Betty Capeluto. That is also crystal clear to me." 

Join me in congratulating Roland!

That's all of this week.

Melissa Jay Murphy
Executive Vice President, Chief Legal Officer,
and General Counsel