IIB 
113TH CONGRESS 
2D SESSION 
H. R. 3468 
IN THE SENATE OF THE UNITED STATES 
MAY 7, 2014 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
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 Representa-
tives of the United States of America in Congress assembled, 
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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 deter-
mined under paragraph (5))’’; 
(3) by redesignating paragraph (5) as para-
graph (6); and 
(4) by inserting after paragraph (4) the fol-
lowing: 
‘‘(5) COVERAGE FOR INTEREST ON LAWYERS 
TRUST ACCOUNTS (IOLTA) AND OTHER SIMILAR ES-
CROW ACCOUNTS.— 
‘‘(A) PASS-THROUGH
INSURANCE.—The 
Administration shall provide pass-through share 
insurance for the deposits or shares of any in-
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terest on lawyers trust account (IOLTA) or 
other similar escrow accounts. 
‘‘(B) TREATMENT OF IOLTAS.— 
‘‘(i) TREATMENT
AS
ESCROW
AC-
COUNTS.—For share insurance purposes, 
IOLTAs are treated as escrow accounts. 
‘‘(ii) TREATMENT
AS
MEMBER
AC-
COUNTS.—IOLTAs and other similar es-
crow accounts are considered member ac-
counts 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 ac-
counts, with the interest or dividends then 
used to fund programs such as legal serv-
ice organizations who provide services to 
clients in need. 
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‘‘(ii) PASS-THROUGH
SHARE
INSUR-
ANCE.—The term ‘pass-through share in-
surance’ means, with respect to IOLTAs 
and other similar escrow accounts, insur-
ance coverage based on the interest of each 
person on whose behalf funds are held in 
such accounts by the attorney admin-
istering the IOLTA or the escrow agent 
administering a similar escrow account, in 
accordance with regulations issued by the 
Administration. 
‘‘(D) RULE OF CONSTRUCTION.—No provi-
sion of this paragraph shall be construed as au-
thorizing 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.’’. 
Passed the House of Representatives May 6, 2014. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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