CUNA disappointed with IOLTA final rule

December 16, 2015


Contact: Vicki Christner – CUNA Communications; 202-508-6754; 

Washington, DC (December 16, 2015) – Following the NCUA issuing a final rule on interest on lawyer trust accounts (IOLTAs) today at the agency’s board meeting, president/CEO of CUNA Jim Nussle issued a statement:

“We have little doubt that the law gives NCUA the authority to extend insurance coverage to pre-paid accounts, and we are very disappointed that NCUA has not exercised that authority at this time. While we appreciate recent actions on business lending and field of membership aimed at removing from regulation requirements that are not in law, this final rule is an example of the agency unnecessarily impeding access to credit unions by making it more difficult for them to offer products and services to their members.”