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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