releases: https://perlmutter.house.gov/news/documentsingle.aspx?DocumentID=1132
Data license: MIT · Data source: dwillis/congress-press
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| https://perlmutter.house.gov/news/documentsingle.aspx?DocumentID=1132 | Perlmutters Bipartisan Credit Union Share Insurance Fund Parity Act Signed Into Law | 2014-12-18 | 2014 | 2014-12 | Democrat | House | CO | Ed Perlmutter | P000593 | perlmutter.house.gov | legacy | Today, H.R. 3468, the Credit Union Share Insurance Fund Parity Act, was signed into law by President Obama. The bipartisan legislation, introduced by U.S. Reps. Ed Perlmutter (CO-07) and Ed Royce (CA-39), extends insurance coverage to Interest on Lawyer Trust Accounts (IOLTAs), and "other similar escrow accounts" held in trust at credit unions that are otherwise fully insured at FDIC insured banks up to $250,000. The legislation creates parity between certain accounts held at credit unions and FDIC insured banks. Under the Perlmutter-Royce bill, if a credit union were ever to fail and needed to be resolved, then the client funds held in an escrow account would be insured and thus protected, regardless if the beneficiary is a member of the credit union or not. I applaud the President for signing this legislation into law because it is critical in ensuring IOLTA's full value in light of any potential credit union failure," said Rep. Perlmutter. "Importantly, the interest earned on Lawyer Trust Accounts goes to grants improving access to civil justice and legal services for the poor." Unlike FDIC coverage, the current regulatory opinion of the National Credit Union Administration (NCUA) 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. "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. "I applaud the President for supporting our efforts to deliver regulatory relief to our nation's credit unions that currently serve over 100 million members. Reps. Perlmutter and Royce introduced the legislation in November 2013. It passed the U.S. House of Representatives unanimously on May 6, 2014 and the Senate on December 12, 2014. For more information contact: Ashley Hause (Perlmutter) at Ashley.Hause@mail.house.gov or (303) 274-7944 Saat Alety (Royce) at Saat.Alety@mail.house.gov or (202) 225-4111 ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |