PUBLIC LAW 113–252—DEC. 18, 2014 128 STAT. 2893 

Public Law 113–252 

113th Congress 

An Act 

To amend the Federal Credit Union Act to extend insurance coverage to amounts 

held in a member account on behalf of another person, and for other purposes. 

Be it enacted by the Senate and House of Representatives of 

the United States of America in Congress assembled, 

SECTION 1. SHORT TITLE. 

This Act may be cited as the ‘‘Credit Union Share Insurance 

Fund Parity Act’’. 

SEC. 2. INSURANCE OF AMOUNTS HELD ON BEHALF OF OTHERS. 

Section 207(k) of the Federal Credit Union Act (12 U.S.C. 

1787(k)) is amended— 

(1) in paragraph (1)(A)— 

(A) by inserting after ‘‘payable to any member’’ the 

following: ‘‘, or to any person with funds lawfully held 

in a member account,’’; and 

(B) by striking ‘‘and paragraphs (5) and (6)’’; 

(2) in paragraph (2)(A), by striking ‘‘(as determined under 

paragraph (5))’’; 

(3) by redesignating paragraph (5) as paragraph (6); and 

(4) by inserting after paragraph (4) the following: 

‘‘(5) COVERAGE FOR INTEREST ON LAWYERS TRUST ACCOUNTS

(IOLTA) AND OTHER SIMILAR ESCROW ACCOUNTS.— 

‘‘(A) PASS-THROUGH INSURANCE.—The Administration 

shall provide pass-through share insurance for the deposits 

or shares of any interest on lawyers trust account (IOLTA) 

or other similar escrow accounts. 

‘‘(B) TREATMENT OF IOLTAS.— 

‘‘(i) TREATMENT AS ESCROW ACCOUNTS.—For share 

insurance purposes, IOLTAs are treated as escrow 

accounts. 

‘‘(ii) TREATMENT AS MEMBER ACCOUNTS.—IOLTAs 

and other similar escrow accounts are considered 

member accounts for purposes of paragraph (1), if the 

attorney administering the IOLTA or the escrow agent 

administering the escrow account is a member of the 

insured credit union in which the funds are held. 

‘‘(C) DEFINITIONS.—For purposes of this paragraph: 

‘‘(i) INTEREST ON LAWYERS TRUST ACCOUNT.—The 

terms ‘interest on lawyers trust account’ and ‘IOLTA’ 

mean a system in which lawyers place certain client 

funds in interest-bearing or dividend-bearing accounts, 

Credit Union 

Share Insurance 

Fund Parity Act. 

Dec. 18, 2014 

[H.R. 3468] 


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128 STAT. 2894 PUBLIC LAW 113–252—DEC. 18, 2014 

LEGISLATIVE HISTORY—H.R. 3468: 

CONGRESSIONAL RECORD, Vol. 160 (2014): 

May 6, considered and passed House. 

Dec. 11, considered and passed Senate. 

Æ 

with the interest or dividends then used to fund programs such as legal service organizations who provide 

services to clients in need. 

‘‘(ii) PASS-THROUGH SHARE INSURANCE.—The term 

‘pass-through share insurance’ means, with respect to 

IOLTAs and other similar escrow accounts, insurance 

coverage based on the interest of each person on whose 

behalf funds are held in such accounts by the attorney 

administering the IOLTA or the escrow agent administering a similar escrow account, in accordance with 

regulations issued by the Administration. 

‘‘(D) RULE OF CONSTRUCTION.—No provision of this 

paragraph shall be construed as authorizing an insured 

credit union to accept the deposits of an IOLTA or similar 

escrow account in an amount greater than such credit 

union is authorized to accept under any other provision 

of Federal or State law.’’. 

Approved December 18, 2014. 


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