Summary: H.R.3468 — 113th Congress (2013-2014)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Public Law No: 113-252 (12/18/2014)

(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.