HALLOWELL, Maine — Even though the Maine Bar Foundation had questions about the use of interest on lawyers trust accounts or IOLTAs by credit unions, the group is pleased with the Maine Supreme Judicial Court's recent ruling that allows expanded use of the accounts.

The foundation sought to limit IOLTAs to credit unions with a low-income designation, confirmed Calien Lewis, executive director of MBF, but it was the group's understanding that the accounts were not insured at credit unions and felt it was “not a good practice to require money to be in placed in institutions where money could not be insured.”

“We're thrilled with the rule change,” Lewis said. “The more institutions that participate, the merrier.”

Lewis said there are currently three Maine credit unions offering IOLTAs. She encouraged credit unions nationwide to check whether their states permit use of the accounts by logging on to www.iolta.org.

“We're delighted to have all credit unions included,” Lewis emphasized.

In an IOLTA program, interest from collective, short-term trust accounts is paid to a nonprofit foundation for programs such as providing legal services to the poor.

The Maine Credit Union League said it faced “significant opposition” as it fought to have all credit unions included in offering IOLTAs.