Since April, the league has been following the introduction of pending rule changes related to credit unions practicing the Interest on Lawyers Trust Accounts (IOLTA) program in North Carolina and South Carolina.
This week, the league received word from the N.C. Bar Association that revisions to the IOLTA rule had been republished for comment.
“The rules committee will meet again in October to determine if the new proposal should be approved,” said Jeanne Couchois, VP Regulatory/Compliance Counsel. “If the rule is approved in October then it will be sent to the NC Supreme Court in January 2016 for final approval.”
In South Carolina, the S.C. Supreme Court amended its rules in June allowing credit unions to become eligible institutions in South Carolina’s IOLTA program. An approval and training process is required before South Carolina credit unions can offer IOLTA accounts.
For more information on IOLTAs, visit League InfoSight here. The CCUL Compliance team is also available to discuss any concerns related to the local development of IOLTAs in your state.