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Wednesday
Jun092010

What's New: IOLA Fund Amends Interest Rate Options

DateWednesday, June 9, 2010 at 8:16AM by AuthorBanking Spectrum
Last month the IOLA Fund amended 21 NYCRR Section 7000.9(b)(1) to revise one of the IOLA interest rate options.  Institutions may pay the greater of 60% of the Federal Funds Rate or 1% on IOLA's.  This is a change to one of the interest rate options an institution may choose for paying interest on IOLA's, which are NOW accounts.  The 1% is a floor rate.

This rate change is effective April 7, 2010.  Go to www.IOLA.org, go to recent news on the right and go to the bottom and click on trustees regulations.  There you will be able to pull up the 13 page regulation and find section 7000.9(a) and (b).  The rates you may offer on IOLAs can be either under (a) or (b), your choice.

See the IOLA section of The Gold Book for updated material.
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