Arizona IOLTA Banks
Participation in Arizona's IOLTA program is voluntary for financial institutions. Financial institutions are invited to submit the Annual Participation Certification to become approved participants in the program. The financial institutions listed below have submitted the 2010-2011 Participation Certification, which became effective June 1st, 2010, and are approved participants in the Arizona IOLTA program.
For information regarding bank closures and/or acquisitions please refer to:
http://www.azdfi.gov or http://www.fdic.gov
FDIC updates
Arizona Attorney General's Office Issues Opinion on IOLTA Interest
FDIC Updates
On June 22, 2010, the FDIC adopted a final rule extending the TAG program including restrictions on the interest calculations on NOW deposit. Please note that IOLTA accounts are approved separately from other types of NOW deposits and thus are not subject to the rate restriction guidelines. For details, visit http://www.fdic.gov/news/board/rule2.pdf and http://www.fdic.gov/news/board/memo3.pdf. For additional FDIC deposit insurance updates, visit http://www.fdic.gov/deposit/deposits/changes.html
Arizona Attorney General's Office Issues Opinion on IOLTA InterestArizona Attorney General Opinion I09-005 concludes that, under Arizona law, the Arizona Foundation for Legal Services & Education owns the entire beneficial interest in and has the exclusive right to the interest income generated, minus a reasonable service charge or fee, on trust accounts required to be established by attorneys pursuant to the provisions of the Arizona State Bar's Interest on Lawyers Trust Accounts ("IOLTA") program, established by Rule 43 of the Rules of the Supreme Court. Read Opinion. |