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The League is continuing to work with the Florida Bar Association in an effort to change the Rules of Professional Conduct so that credit unions will be able to open Interest on Trust Accounts (IOLTAs). As the rules currently stand, attorneys can only use banks for these accounts, due to previous concerns over insurance coverage for these accounts.
Last year, the Pres. Obama signed the Credit Union Share Insurance Fund Parity Act which extended NCUA insurance to IOLTAs (IOTAs in Florida). With the change in law, LSCU petitioned the Florida Bar to change the rules to allow credit unions to accept these accounts. On Thursday, Oct. 15, the Florida Bar Disciplinary Procedures Committee voted unanimously to change the rule.
The proposed amendment will go to the board of governors in December for first reading, and vote by the full board will be at the end of January 2016. The petition to the Florida Supreme Court will be filed in autumn of 2016.
Credit unions in Alabama can currently accepts IOLTAs. For those interested in IOLTAs, they should contact the Alabama Law Foundation.
