Manger of External Media
Media Relations Specialist
CREDIT UNION SHARE INSURANCE FUND PARITY ACT PASSES IN CONGRESS
The U.S. Senate on Thursday passed the Credit Union Share Insurance Fund Parity Act. The bill directs the National Credit Union Administration (NCUA) to extend share insurance coverage to trust accounts, such as Interest on Lawyer Trust Accounts (IOLTA) and other similar accounts, opened and managed by credit union members.
Now awaiting consideration by President Barack Obama, H.R. 3468 puts credit unions on par with banks. Credit unions would be able to accept deposits from attorneys, insurance agents, and other businesses that hold funds for clients in a trust capacity. They could offer a fuller business banking relationship under the legislation, as well as pursue offering certain types of property management and real estate accounts.