releases: https://perlmutter.house.gov/news/documentsingle.aspx?DocumentID=1128
Data license: MIT · Data source: dwillis/congress-press
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| https://perlmutter.house.gov/news/documentsingle.aspx?DocumentID=1128 | Senate Passes Royce-Perlmutter Credit Union Share Insurance Fund Parity Act | 2014-12-11 | 2014 | 2014-12 | Democrat | House | CO | Ed Perlmutter | P000593 | perlmutter.house.gov | legacy | Today, the U.S. Senatepassed the Credit Union Share Insurance Fund Parity Act, H.R. 3468, by unanimous consent. The legislation, originally introduced by U.S. Representative Ed Royce (R-CA) last November, passed the U.S. House of Representatives unanimously on May 6, 2014. "The Credit Union Share Insurance Fund Parity Act strengthens national credit unions' commitment to IOLTAs and the legal services they help fund for local communities," said Rep. Royce. "The universal support for this bill in both chambers of Congress speaks to the merits of establishingparity for the treatment of IOLTAs and other similar accounts regardless of whether they are kept at a bank or a credit union. "Prior to being elected to Congress, I practiced law for 30 years and in that time I established many Lawyer Trust Accounts for clients. This legislation is critical to ensuring an IOLTA's full value in light of any potential credit union failure," said cosponsor U.S. Representative Ed Perlmutter (D-CO). "More importantly, the interest earned on Lawyer Trust Accounts goes to grants improving access to civil justice and legal services for the poor." The Credit Union Share Insurance Fund Parity Act expands federal deposit insurance to includeInterest on Lawyer Trust Accounts(IOLTAs) and similar escrow accounts housed within credit unions. Unlike FDIC coverage, the current regulatory opinion of the National Credit Union Administration is that funds held by credit union members on behalf of those who are not federally-insured credit union members will not be insured by the National Credit Union Share Insurance Fund. This has created a disparity in coverage when examining IOLTAs. Specifically, the bill amends the Federal Credit Union Act to require that pass-through share insurance coverage be provided when a credit union member holds funds on behalf of a nonmember in an IOLTA or other similar account. Reps. Royce and Perlmutter, members of the House Financial Services Committee, urge the President to sign this bill into law without delay. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |