Credit union lawyers in the state of Florida are one step closer to being able to open their trust accounts at credit unions, according to the League of Southeastern Credit Unions (LSCU).
LSCU said it received word that the Florida Bar Board of Governors unanimously passed an amendment to the rules regulating the Florida Bar relating to Interest on Lawyer Trust Accounts (IOLTAs). The league has been urging the Florida Bar to adopt such an amendment.
LSCU SVP of Association Services Jared Ross testified before the Florida Bar's Disciplinary Procedures Committee in May, speaking in favor of the amendment. At the same time, Florida Bankers Association President and CEO Alex Sanchez testified before the committee in opposition to the proposed move.
The rule now remains subject to certification by the Florida Supreme Court. If that occurs, the Florida Bar Foundation will begin training credit unions on the handling of IOLTAs.
"Credit unions have long been asked by their attorney members to open trust accounts and had to turn them away in the past," said LSCU president and CEO Patrick La Pine in a statement. "Now, with the amendment having passed, the path is clearing for attorneys and law firms to work with credit unions, whose emphasis is on relationships and member satisfaction."
