Today, the U.S. Senate passed 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 establishing parity 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.”
Source:: U.S. Rep. Ed Royce