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Is the IOLTA program authorized by boards regulating financial institutions?

April 26, 2017authorized financial institutions IOLTA program regulating

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Is the IOLTA program authorized by boards regulating financial institutions?

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A. Yes. The Federal Reserve System, relying upon an opinion of the Nebraska Attorney General, has determined that participation by attorneys and law firms in the IOLTA program conforms to Section 303 of the Consumer Checking Account Equity Act of 1980 [Title III of P.L. 96-221 (12 U.S.C. § 1832(a)]. NLTAF, a 501(c)(3) organization, is the sole beneficiary of the interest generated from these special accounts. The letter of the Federal Reserve System dated April 9, 1985, is available upon request.