With the support of the League of Southeastern Credit Unions (LSCU), the Florida Bar Board of Governors unanimously passed an amendment that allows attorneys to open Interest on Lawyer Trust Accounts (IOLTAs) at credit unions.
“Credit unions have long been asked by their attorney members to open trust accounts and had to turn them away in the past,” said LSCU President/CEO Patrick La Pine. “Now, with the amendment having passed, the path is clearing for attorneys and law firms to work with credit unions, whose emphasis is on relationships and member satisfaction. We applaud the Florida Bar Association on moving forward with this amendment.”
A vote of both the Florida Bar’s Disciplinary Procedures Committee (DPC) and the full board of governors was held last week in Miami. The rule must now be certified by the Florida Supreme Court. Once that is done, the Florida Bar Foundation will begin training credit unions on the handling of IOLTAs.
In May, LSCU Senior Vice President of Association Services Jared Ross traveled to West Palm Beach, Fla., to testify before the DPC in favor of the amendment. Florida Bankers Association President/CEO Alex Sanchez testified before the committee in opposition.