MANCHESTER, N.H. (3/6/15)--The Cooperative Credit Union Association partnered with the New Hampshire Bar Association this week to put on a compliance training session for handling Interest on Lawyer Trust Accounts (IOLTA) and other escrow accounts (Daily CU Scan March 5).
Daniel Wise, New Hampshire Bar Association director of communications, left, and Darlene Schmidt-Brandt, New Hampshire Bar Foundation director and vice president at Bellwether Community CU, have pledged to help credit unions with compliance related to handling IOLTAs. (Cooperative Credit Union Association Photo)
The Credit Union Insurance Fund Parity Act, which became effective Dec. 19, created deposit insurance parity for credit unions by mandating that the National Credit Union Administration extend share insurance coverage to trust accounts, including IOLTAs.
Those in attendance learned about the history of IOLTAs in New Hampshire, what an IOLTA account is, compliance issues, account opening and maintenance procedures, and practical tips.
The New Hampshire Bar Foundation noted during the session that it was excited credit unions had joined the ranks of financial institutions that can serve attorneys, and that lawyers often maintain their IOLTA accounts and their personal accounts at the same financial institution, offering potential development opportunities for credit unions.
The bar foundation also committed to providing operational, compliance and marketing assistance to all credit unions that offer IOLTA accounts.
Darlene Schmidt-Brandt, bar foundation director, IOLTA advancement committee member and staff member at Bellwether Community CU, Manchester, N.H., has pledged to offer tailored or on-site assistance to any credit union designing an IOLTA program.