Credit Union Share Insurance Fund Parity Act

Bill: 113-hr-3468
Sponsor: Rep. Royce, Edward R. [R-CA-39]
Introduced: 2013-11-13 in the House
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital
Banking and financial institutions regulation
Bankruptcy
Interest, dividends, interest rates
Lawyers and legal services

Summary:
action_date: 2013-11-13
text: 
Credit Union Share Insurance Fund Parity Act - Amends the Federal Credit Union Act to include in the net amount of share insurance payable to any member at an insured credit union the total amount of the shares or deposits held in the member's account on behalf of another person, after making certain offsets and deductions.
 
Modifies National Credit Union Administration (NCUA) Board authority to define the extent of the share insurance coverage provided where a member holds funds for the use of a nonmember. Requires coverage for an account established by a member to be consistent with Federal Deposit Insurance Corporation (FDIC) coverage, regardless of the membership status of the owner of the funds deposited in an account established by a credit union member.

action_date: 2014-05-06
text: 
Credit Union Share Insurance Fund Parity Act - Amends the Federal Credit Union Act regarding insured amounts payable in connection with a bankrupt state-chartered credit union for which the National Credit Union Administration (NCUA) Board is the liquidating agent. 
 
Revises requirements relating to the limitation to the standard maximum share insurance amount ($250,000) for the net amount of share insurance payable to any member at an insured credit union in the event of such a bankruptcy. Applies the limitation also to any person with funds lawfully held in a member account.
 
Requires the Board to provide pass-through share insurance paid by certain lawyers administering deposits or shares of any interest on a lawyer's trust account (IOLTA), or paid by the escrow agent administering other similar escrow accounts.
 
Defines &quot;IOLTA&quot; as a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations providing services to clients in need.
 
Treats IOLTAs as escrow accounts for share insurance purposes, and considers them as member accounts if the administering attorney or escrow agent is a member of the insured credit union in which the funds are held.
 
Declares that nothing in this Act shall be construed as authorizing an insured credit union to accept IOLTA or similar escrow account deposits in an amount greater than authorized under federal or state law.

action_date: 2014-12-11
text: 

(This measure has not been amended since it was passed by the House on May 6, 2014. The summary of that version is repeated here.)

 
Credit Union Share Insurance Fund Parity Act - Amends the Federal Credit Union Act regarding insured amounts payable in connection with a bankrupt state-chartered credit union for which the National Credit Union Administration (NCUA) Board is the liquidating agent. 
 
Revises requirements relating to the limitation to the standard maximum share insurance amount ($250,000) for the net amount of share insurance payable to any member at an insured credit union in the event of such a bankruptcy. Applies the limitation also to any person with funds lawfully held in a member account.
 
Requires the Board to provide pass-through share insurance paid by certain lawyers administering deposits or shares of any interest on a lawyer's trust account (IOLTA), or paid by the escrow agent administering other similar escrow accounts.
 
Defines &quot;IOLTA&quot; as a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations providing services to clients in need.
 
Treats IOLTAs as escrow accounts for share insurance purposes, and considers them as member accounts if the administering attorney or escrow agent is a member of the insured credit union in which the funds are held.
 
Declares that nothing in this Act shall be construed as authorizing an insured credit union to accept IOLTA or similar escrow account deposits in an amount greater than authorized under federal or state law.

action_date: 2014-12-18
text: 

(This measure has not been amended since it was passed by the House on May 6, 2014. The summary of that version is repeated here.)

 
Credit Union Share Insurance Fund Parity Act - Amends the Federal Credit Union Act regarding insured amounts payable in connection with a bankrupt state-chartered credit union for which the National Credit Union Administration (NCUA) Board is the liquidating agent. 
 
Revises requirements relating to the limitation to the standard maximum share insurance amount ($250,000) for the net amount of share insurance payable to any member at an insured credit union in the event of such a bankruptcy. Applies the limitation also to any person with funds lawfully held in a member account.
 
Requires the Board to provide pass-through share insurance paid by certain lawyers administering deposits or shares of any interest on a lawyer's trust account (IOLTA), or paid by the escrow agent administering other similar escrow accounts.
 
Defines &quot;IOLTA&quot; as a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations providing services to clients in need.
 
Treats IOLTAs as escrow accounts for share insurance purposes, and considers them as member accounts if the administering attorney or escrow agent is a member of the insured credit union in which the funds are held.
 
Declares that nothing in this Act shall be construed as authorizing an insured credit union to accept IOLTA or similar escrow account deposits in an amount greater than authorized under federal or state law.


Legislative actions:
action_date: 2014-12-18
text: Became Public Law No: 113-252.
action_date: 2014-12-18
text: Became Public Law No: 113-252.
action_date: 2014-12-18
text: Signed by President.
action_date: 2014-12-18
text: Signed by President.
action_date: 2014-12-12
text: Presented to President.
action_date: 2014-12-12
text: Presented to President.
action_date: 2014-12-11
text: Message on Senate action sent to the House.
action_date: 2014-12-11
text: Passed Senate without amendment by Unanimous Consent.
action_date: 2014-12-11
text: Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
action_date: 2014-12-11
text: Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. (consideration: CR S6608)
action_date: 2014-12-11
text: Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.(consideration: CR S6608)
action_date: 2014-05-07
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2014-05-06
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3426)
action_date: 2014-05-06
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H3426)
action_date: 2014-05-06
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 3468.
action_date: 2014-05-06
text: Considered under suspension of the rules. (consideration: CR H3426-3428)
action_date: 2014-05-06
text: Mr. Royce moved to suspend the rules and pass the bill, as amended.
action_date: 2013-11-14
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2013-11-14
text: Committee Consideration and Mark-up Session Held.
action_date: 2013-11-13
text: Referred to the House Committee on Financial Services.
action_date: 2013-11-13
text: Introduced in House
action_date: 2013-11-13
text: Introduced in House

Enacted as: number: 113-252