Maine CUs OK'd To Pay Interest

October 22, 2007, 1:00 a.m. EDT 1 Min Read

AUGUSTA, Maine - The state Supreme Court here approved credit unions' authority to offer interest on Lawyers Trust Accounts, better known as attorney client trust accounts. The Maine Bar Foundation has sought to bar credit unions from offering the lucrative IOLTA accounts. Under the new rule, which will be effective Jan. 1, and applicable NCUA regulations, credit unions may accept IOLTA deposits for: funds deposited that belong to a member of the credit union in question; for all deposits, regardless of membership status, in cases where those deposits are made in IOLTA accounts at low-income designated credit unions. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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