June 26, 2019

Credit Unions Now Able to Offer Federally Insured Attorney Trust Accounts

On December 18, 2014, President Barack Obama signed into law H.R. 3468, “Credit Union Share Insurance Fund Parity Act.” This Act allows credit unions to federally insure attorney trust accounts to the maximum amount allowed under the Share Insurance Fund.

The Act requires the National Credit Union Administration Board to provide pass-through share insurance to shares of any interest in a lawyer’s IOLTA account. Previously, credit unions were not able to insure these accounts at the same levels as banks because not all clients were members of the credit union, creating a competitive disadvantage for credit unions with attorney trust accounts.

 

Legal Community Credit Union Offering Holiday Loan Specials

LCCUThe Legal Community Credit Union is an alternative financial service available exclusively to members of Colorado’s legal community. All members of the Colorado Bar Association, the Denver Bar Association, the Rocky Mountain Paralegal Association, and the Professional Private Investigators Association of Colorado are eligible for membership in the credit union, as well as anyone who works in the 1900 Grant building or the Creekside at Columbine office park. Credit union membership extends to all family members, and does not terminate if you move, change jobs, or retire. Plus, the credit union offers great customer service and great interest rates.

The Legal Community Credit Union is offering loan specials through the end of the year for credit union members. Holiday stimulus loans, auto loans, and auto refinancing loans are all available at reduced interest rates. More information about the holiday loan specials is available here.

To apply for credit union membership and enjoy great rates on loans, click here.