TALLAHASSEE, Fla.—The Florida Supreme Court has approved a proposed rule change to the Rules Regulating the Florida Bar that will allow attorneys to open their Interest On Lawyer Trust Accounts (in Florida known as IOLTAs) in credit unions, the League of Southeastern CUs reported.
The proposed rule was initiated by LSCU in January 2015 shortly after then-President Obama signed the Share Insurance Parity Act, allowing federal insurance to protect these accounts. Senior VP, Association Services and Governmental Affairs Jared Ross led the league’s efforts.
The Florida Bar only proposes rule changes every other year, and once proposed, the Supreme Court must ratify them, the league explained.
While the rule was approved for change by the Bar’s Board of Governor’s last year, the Supreme Court chose to not take up any rule changes until the day the rule was finalized, LSCU stated.
“The League will begin working with the Florida Bar on education for credit unions interested in working on IOLTAs,” LSCU said.