Credit Union Share Insurance Fund Parity Act
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HR 3468 — Credit Union Share Insurance Fund Parity Act
Last action — Became Public Law No: 113-252.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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✓Passed House
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✓Passed Senate
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced November 13, 2013. Enacted.
Summary
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 "IOLTA" 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.
Bill Text
We don't have the full text on file for this bill yet.
Read HR 3468 on the official United States source →Action History
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Became Public Law No: 113-252.
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Signed by President.
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Presented to President.
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Message on Senate action sent to the House.
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Passed Senate without amendment by Unanimous Consent.
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Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. (consideration: CR S6608)
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3426)
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DEBATE - The House proceeded with forty minutes of debate on H.R. 3468.
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Considered under suspension of the rules. (consideration: CR H3426-3428)
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Mr. Royce moved to suspend the rules and pass the bill, as amended.
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Ordered to be Reported (Amended) by Voice Vote.
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Committee Consideration and Mark-up Session Held.
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Referred to the House Committee on Financial Services.
Sponsors
- Edward Royce · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does HR 3468 do?
- 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 "IOLTA" 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.
- Who sponsors HR 3468?
- HR 3468 is sponsored by Edward Royce (R).
- What is the current status of HR 3468?
- This bill has been enacted into law. Introduced November 13, 2013. Enacted.
- Where can I track HR 3468?
- Track HR 3468 free on One Click Politics — get push/email alerts when it moves.
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