LSCU urges Florida credit unions to contact the state’s bar association

LSCU issued an action alert this week to prompt Florida Credit Unions to take a stance to earn additional business. Outlined in the letter were the reasons CUs should be allowed to handle Interest on Lawyer Trust Accounts (IOTA). If the Florida Bar Association can be persuaded to amend its regulations and allow credit unions to serve […]

LSCU issued an action alert this week to prompt Florida Credit Unions to take a stance to earn additional business. Outlined in the letter were the reasons CUs should be allowed to handle Interest on Lawyer Trust Accounts (IOTA).

If the Florida Bar Association can be persuaded to amend its regulations and allow credit unions to serve as custodians of IOTAs, it opens a potential revenue stream. While the first call to action drew a healthy response, the Florida Bankers Association is now campaigning for the Bar not to change it’s guidelines, while calling into question credit unions’ ability to handle such accounts.

It’s time to rally support again by reaching out to the bar association and having credit union attorney members and law firms add their voices. Credit unions are well equipped to handle the accounts and are even receiving requests to offer the service.

Stand up and be counted. Just click TAKE ACTION button and send a message to the Florida Bar. The message can be tailored to suit the individual credit union’s needs.

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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.

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

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