Guidance on Membership Eligibility Requirements for Maintaining IOLTA Accounts

Question - A Legal Opinion Letter issued by NCUA in 2008 regarding Interest on Lawyer’s Trust Accounts (IOLTA) confuses us. Our credit union was under the impression that IOLTA accounts could only be offered if all the lawyer’s clients were members of the credit union. However, the 2008 letter explaining share insurance coverage for IOLTA accounts implies that IOLTA accounts could have non-members as the lawyer’s clients. Can they?

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