ACTION ALERT: Comment letters needed for IOTLAs

Back in December 2014, Pres. Obama signed H.R. 3468, the Credit Union Share Insurance Fund Parity Act, into law and it directed the NCUA to extend share insurance coverage to trust accounts, such as Interest on Lawyer Trust Accounts (IOTLAs), opened and managed by credit union members. In 2015, the NCUA implemented this legislation through […]

Back in December 2014, Pres. Obama signed H.R. 3468, the Credit Union Share Insurance Fund Parity Act, into law and it directed the NCUA to extend share insurance coverage to trust accounts, such as Interest on Lawyer Trust Accounts (IOTLAs), opened and managed by credit union members. In 2015, the NCUA implemented this legislation through rulemaking, and now full NCUA share insurance is afforded to IOTAs.

Now, the Florida Bar Board of Governors (Florida Bar) is considering an amendment to its rules regulating the Florida Bar to allow credit unions as permissible custodian institutions of these accounts. The Florida Bankers Association has lodged opposition to this amendment through a comment letter. The League has responded with its own letter, and now it needs credit unions, their attorney members, and their law firms to join in supporting this amendment.

Many of our credit unions have inquired about being able to offer these types of accounts. Now is the time to show the Florida Bar that credit unions are equipped to offer them. Send comments today through the LSCU Action Center.

Written by
admin
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

Social Channels

Follow us on all major social media platforms.