News Release
Program Boosts Funding for Legal Aid in Texas
AUSTIN, Texas — The
Texas Access to Justice Foundation (TAJF) proudly welcomes Austin Capital
Bank as the newest member of its Prime Partner Bank program. Prime Partner
banks and credit unions make a direct impact on the funding available to
help low-income Texans with their civil legal issues by voluntarily paying
higher interest rates for Interest on Lawyers’ Trust Accounts (IOLTA).
All attorneys that
handle client funds are required to keep those funds in IOLTA accounts until
they can be made available to a client. The Texas Access to Justice
Foundation receives funding from the interest generated by these accounts
and uses the money to distribute grants to legal aid providers throughout
Texas. This funding provides legal assistance to more than 150,000 Texas
families each year.
“Many Texans face
serious legal issues, such as escaping situations of domestic violence or
avoiding foreclosure, and simply do not have the resources to hire an
attorney,” Richard L. Tate, chair of the board of directors for the Texas
Access to Justice Foundation, said. “By paying higher interest rates on
IOLTA accounts, Austin Capital Bank is helping ensure that low-income Texans
have access to life-saving civil legal services.”
Due to low interest
rates, the Texas Access to Justice Foundation has seen a 65 percent decline
in IOLTA revenue since 2007. As a result, more than $140 million in funding
for free legal services for low-income and disadvantaged Texans has been
lost. Prime Partner banks pay 75 percent of the Federal Funds target rate on
IOLTA accounts, which is above and beyond the eligibility requirements for
banks participating in the IOLTA program.
“Austin Capital Bank
was built on a foundation of helping the community it serves,” Erik Beguin,
CEO and President said. “We are excited to join the Prime Partner Bank
program and help make a positive impact on the lives of disadvantaged Texans
who need affordable legal assistance.”
More than 5.6
million Texans qualify for legal aid and many are turned away simply because
legal aid providers do not have the resources or funding to help everyone in
need. Prime Partner banks help mitigate the decline in revenue available to
fund legal aid.
Austin Capital Bank
is now one of nearly 60 banks that participate in the Prime Partner Bank
program across the state. See a current list of Prime Partner banks in Texas
at:
http://www.teajf.org/financial_institutions/prime_partners.aspx
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The Texas Access to Justice Foundation,
created by the Supreme Court of Texas in 1984, is the largest state-based
funding source for the provision of civil legal aid in Texas. The
organization is committed to the vision that all Texans will have equal
access to justice, regardless of their income. The Foundation administers a
variety of funding sources, which are earmarked to assist nonprofit
organizations in providing legal aid to more than 150,000 Texas families
each year. For more information, please visit:
www.teajf.org. Austin Capital
Bank
is a 5-star rated, FDIC insured, Texas State Savings bank with its
headquarters located in Austin, Texas. Founded in 2006, Austin Capital Bank
has grown to become one of the preeminent community banks in Texas, a
national leader in Fintech - empowering responsible financial innovation by
leveraging its proprietary Trident technology platform, and its digitally
enabled HomeVantage Mortgage division is rapidly becoming a nationwide
leader in residential mortgage lending. The bank has been recognized for
three consecutive years on the Inc. 5000 list of most rapidly growing
privately held companies in the United States. Austin Capital Bank is an
all-inclusive and non-discriminatory financial institution, which provides
its services in an equitable and fair manner to all members of the
communities it serves. For more information, please visit:
www.AustinCapitalBank.com.
Contact: Kimberly Schmitt512-320-0099, ext. 104 kschmitt@teajf.org
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