The League of Southeastern Credit Unions said Tuesday that the Florida Bar Board of Governors unanimously passed an amendment that will allow attorneys to open trust accounts at credit unions.
In May, Jared Ross, the league's senior vice president of association services, traveled to West Palm Beach to testify before the Florida Bar's Disciplinary Procedures Committee in favor of the amendment and its proposed rule changes regulating Interest on Lawyer Trust Accounts.
At that time, Florida Bankers Association President/CEO Alex Sanchez testified before the committee in opposition.
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"Credit unions have long been asked by their attorney members to open trust accounts and had to turn them away in the past," Patrick La Pine, Southeastern league president/CEO, said. "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. We applaud the Florida Bar Association on moving forward with this amendment."
The rule must be certified by the Florida Supreme Court.
If the Florida Supreme Court approves it, which is expected, the Florida Bar Foundation will begin training credit unions on how to manage IOLTAs, the league said.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
