H.R. 3468 · 113th Congress
Credit Union Share Insurance Fund Parity Act
Law · 113-252 · Dec 18, 2014Key: what the circles and colors mean
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Became law without a recorded vote. It passed by voice vote or unanimous consent, which don't record how each member voted.
R
RoyceSponsor4 cosponsors · 3 D, 1 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Nov 13, 2013
- House Passed May 6, 2014
- Senate Passed Dec 11, 2014
- President To the President Dec 12, 2014
- President Signed Dec 18, 2014
- Law Dec 18, 2014
Credit Union Share Insurance Fund Parity Act - Amends the Federal Credit Union Act regarding insured amounts payable in connection with a bankrupt state-chartered credit union for which the National Credit Union Administration (NCUA) Board is the liquidating agent.
What it does: CRS summary · Public Law · Dec 18, 2014
(This measure has not been amended since it was passed by the House on May 6, 2014. The summary of that version is repeated here.)
Credit Union Share Insurance Fund Parity Act - Amends the Federal Credit Union Act regarding insured amounts payable in connection with a bankrupt state-chartered credit union for which the National Credit Union Administration (NCUA) Board is the liquidating agent.
Revises requirements relating to the limitation to the standard maximum share insurance amount ($250,000) for the net amount of share insurance payable to any member at an insured credit union in the event of such a bankruptcy. Applies the limitation also to any person with funds lawfully held in a member account.
Requires the Board to provide pass-through share insurance paid by certain lawyers administering deposits or shares of any interest on a lawyer's trust account (IOLTA), or paid by the escrow agent administering other similar escrow accounts.
Defines "IOLTA" as a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations providing services to clients in need.
Treats IOLTAs as escrow accounts for share insurance purposes, and considers them as member accounts if the administering attorney or escrow agent is a member of the insured credit union in which the funds are held.
Declares that nothing in this Act shall be construed as authorizing an insured credit union to accept IOLTA or similar escrow account deposits in an amount greater than authorized under federal or state law.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Credit Union Share Insurance Fund Parity Act
Latest action (Dec 18, 2014): Became Public Law No: 113-252.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Nov 13, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Nov 13, 2013
- House Passed May 6, 2014
- Senate Passed Dec 11, 2014
- President To the President Dec 12, 2014
- President Signed Dec 18, 2014
- Law Dec 18, 2014
No recorded floor vote found.