For Financial Institutions
As important as the IOLTA program is to its many thousands of beneficiaries, it would not be possible without the participation and support of Massachusetts financial institutions. Again this year, over 200 banking institutions maintained an average of 14,000 IOLTA accounts across the state.
According to U.S. Census Bureau figures, the number of families who struggle daily to make ends meet continues to increase. In recent years, increases in the interest paid by banks on other types of accounts greatly exceeded increases in IOLTA interest rates. In response, Massachusetts and eight other states updated their IOLTA guidelines in 2006 to require more parity between IOLTA and non-IOLTA account rates. In July of 2006, the Supreme Judicial Court approved the Massachusetts changes. Implementation of the revised guidelines went very smoothly, with the IOLTA Committee, participating Massachusetts banks and the Massachusetts Bankers Association working closely together.
The Massachusetts banking institutions continue to be important partners with lawyers and law firms in making the IOLTA program a success. The IOLTA Committee would like to once again thank the participating Massachusetts financial institutions, and in particular this year’s Leadership banks.
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