Commission on Interest on Lawyers' Trust Accounts (IOLTA) Highlights

2021

March

The IOLTA Commission continues to work with the National Association of IOLTA Programs (NAIP) and the Standing Committee on Legal Aid and Indigent Defense (SCLAID) on updating and improving the IOLTA Handbook Survey and coordinating collection efforts. The Commission is transitioning to utilizing survey software for its data collection efforts to improve upon data storage and capability.

Commission members held a meeting to discussing the formation of a joint banking subcommittee with NAIP. The Commission is currently reviewing the charge and goals for the formation of the subcommittee which would focus on banking regulations, rules, legislation, and other issues as they pertain to IOLTA funding and programs.

The Commission is monitoring the effects of lowered interest rates on IOLTA funding and continuing to explore ways to advocate for actions that seek to increase revenue and provide additional funding sources to access to justice programs. 

February

The IOLTA Commission held their 2021 IOLTA Winter Workshops on February 11, 2021. The workshops were a unique virtual event that allowed the community to come together for networking, information sharing, and learning. Attendance at the event was approximately 80 people. Program topics included: managing bank compliance and relationships in a dead interest rate environment”, diversity, equity and inclusion and achieving successes in a difficult environment.

The Commission held a formal meeting on February 12, 2021. During the meeting, the Commission discussed its plans for the upcoming year. Voted in favor of supporting COLAP’s Wellness Resolution that will be brought before the House of Delegates at the Midyear Meeting and updated the Commission on the works of the various subcommittees. The Commission also discussed the status of a Resolution submitted to the YLD Assembly that could have an impact on IOLTA revenues and received word that the Resolution has since been withdrawn. The Commission is looking forward to working with the Resolution’s proponents to develop an alternate proposal that can be supported by both groups at a future assembly. The Committee also received updates from their liaisons representing the ABA Board of governors, NAIP and the NOBC.

The Commission is monitoring the effects of lowered interest rates on IOLTA funding and continuing to explore ways to advocate for actions that seek to increase revenue and provide additional funding sources to access to justice programs. 

January

The joint planning committee for the 2021 Winter Workshops met to continue planning for the 2021 IOLTA Winter Workshops to be held February 11, 2021. The Workshops will once again be virtual, and plans are underway to make this Winter’s event even more interactive by offering more opportunities for the community to virtually network with one another. The planning committee worked on finalizing its programs topics which include managing bank compliance and relationships in a dead interest rate environment”, diversity, equity and inclusion and achieving successes in a difficult environment.

Commission leadership met with leadership from the National Association of IOLTA Programs (NAIP) for their first quarterly meeting of 2021 to discuss shared goals and encourage communication and collaborative on the ongoing efforts of the two groups.

The Commission met to discuss a Resolution submitted to the YLD Assembly that could have an impact on IOLTA revenues. The Commission is in the process of drafting a letter to the proponents of the Resolution outlining their comments and concerns. 

The Commission is monitoring the effects of lowered interest rates on IOLTA funding and continuing to explore ways to advocate for actions that seek to increase revenue and provide additional funding sources to access to justice programs.