Navigation Florida Bankers Association continues effort to revisit IOTA rule change
In its effort to convince the Supreme Court to reconsider a new Bar rule requiring lawyers keep their trust accounts in institutions that tie interest rates for IOTA accounts to specific indexed rate points, the Florida Bankers Association (FBA) reiterated its argument that it was “blindsided” by the amendment and asked the court to at least delay its implementation.
“At best, [the court] should send the 2023 Amendment back to The Bar and appoint a task force to propose a rule that does not require compliance within the next three weeks that could destabilize Florida Banks and disrupt the system in epic proportions,” the FBA said in a May 1 motion. “At worst, the Court should extend the effective date for six months, at a minimum, to allow both banks and law firms to orderly comply with the requirements, or in the case of Banks, opt out altogether.”
The Florida Bankers Association was replying to the Bar’s response to the FBA original motion for reconsideration in Case No. 2022-1292 that amended Rule 5-1.1.
