In Re: Financial Institutions Approved as Depositories for Fiduciary Accounts

In Re: Financial Institutions Approved as Depositories for Fiduciary Accounts

The IOLTA Board approves the listed financial institutions as eligible depositories for attorney trust accounts in Pennsylvania, prescribes the exemption application procedure, and distinguishes Platinum Leader Banks by their higher net yield commitment.

Source-derived case information.

Citation
In Re: Financial Institutions Approved as Depositories for Fiduciary Accounts
Parties
Regulatory Body: Pennsylvania IOLTA Board; Affected Stakeholders: Attorneys in Pennsylvania
Court
Supreme Court of Pennsylvania
Jurisdiction
United States
Judgment Date
2 August 2023
Case Number
237 Disciplinary Rules
Procedural Posture
Administrative List Publication / Publication of Approved Depositories List
Outcome
Approved and published list of eligible depository institutions with exemption instructions and Platinum Leader Bank designations.
Legal Topics
IOLTA Depositories, Attorney Trust Accounts, Exemption Process, Platinum Leader Banks
Source Language
english
Banking Trusts and Estates Legal Ethics Administrative Law IOLTA Depositories Attorney Trust Accounts Exemption Process Platinum Leader Banks

Source-derived case record

Summary, issues, holding and outcome

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Parties

Pennsylvania IOLTA Board

Regulatory Body

Attorneys in Pennsylvania

Affected Stakeholders

Procedural Posture

Administrative List Publication / Publication of Approved Depositories List

Legal Issues

  1. 1 Which financial institutions are approved depositories for attorney trust accounts in Pennsylvania
  2. 2 What is the process for obtaining an exemption from IOLTA requirements
  3. 3 What criteria and benefits define Platinum Leader Banks

Ratio Decidendi

The IOLTA Board approves the listed financial institutions as eligible depositories for attorney trust accounts in Pennsylvania, prescribes the exemption application procedure, and distinguishes Platinum Leader Banks by their higher net yield commitment.

Court Disposition

Approved and published list of eligible depository institutions with exemption instructions and Platinum Leader Bank designations.

Orders

  • Publish and disseminate the approved list of depository institutions for attorney trust accounts.
  • Require attorneys seeking exemption to submit a written request to the IOLTA Board executive director at the provided address.