Florida Bar Board of Governors unanimously passes amendment that will benefit credit unions

Late Friday, the League 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 amendment, which was sought by the League, changes the rules to allow attorneys to open their IOLTAs at credit unions.

In May, League Senior Vice President of Association Services Jared Ross, traveled to West Palm Beach to testify before the Florida Bar’s Disciplinary Procedures Committee (DPC) in favor of the amendment. Florida Bankers Association President/CEO Alex Sanchez also testified before the committee in opposition. A vote of both the DPC and the full Board of Governors was held last week in Miami. The rule must now be certified by the Florida Supreme Court. Once that is done, the Florida Bar Foundation will begin training credit unions on the handling of IOLTAs.

We will continue to keep you updated on this rule change as it moves through its final stages.