updated 11/19/13 10:00 AM
INSURANCE PARITY BILL MOVES FORWARD
CA Congressmen Support Legislation
The House Financial Services Committee recently passed H.R. 3468, the Credit Union Share Insurance Fund Parity Act. Authored by Rep. Ed Royce, R-Brea, this legislation will extend insurance fund coverage for Interest on Lawyer Trust Accounts (IOLTAs).
Rep. Ed Royce, R-CA
Click here to view a video of Royce commenting on H.R. 3468 during a committee meeting.
This bill is the first of many addressing regulatory relief measures for credit unions. As one of the 35 items proposed by the Credit Union National Association (CUNA) at a hearing earlier this year, the legislation is one of the smaller—yet significant—victories for credit unions.
"In Congress, small victories lead to larger congressional wins," said Jeremy Empol, vice president of federal government affairs for the California and Nevada Credit Union Leagues. "We thank Congressman Royce for his support of credit unions."
H.R. 3468 will now head to the floor of the House where it will be scheduled for consideration. Royce was joined by Reps. Brad Sherman, D-Sherman Oaks, and Gary Miller, R-Redlands, as initial co-sponsors of this legislation.
If you have any questions, please contact Jeremy Empol at jeremye@ccul.org for more information.
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