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HR 3468 113th Congress House Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Interest, dividends, interest rates Lawyers and legal services

Credit Union Share Insurance Fund Parity Act

Introduced: November 13, 2013 See on congress.gov
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 Everywhere this bill has been 18 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 18, 2014
Became Public Law No: 113-252.
Dec 18, 2014
Signed by President.
Dec 12, 2014
Presented to President.
Dec 11, 2014
Message on Senate action sent to the House.
Dec 11, 2014
Passed Senate without amendment by Unanimous Consent.
Dec 11, 2014
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
Dec 11, 2014
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. (consideration: CR S6608)
Dec 11, 2014
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.(consideration: CR S6608)
May 7, 2014
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 6, 2014
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3426)
May 6, 2014
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)
May 6, 2014
DEBATE - The House proceeded with forty minutes of debate on H.R. 3468.
May 6, 2014
Considered under suspension of the rules. (consideration: CR H3426-3428)
May 6, 2014
Mr. Royce moved to suspend the rules and pass the bill, as amended.
Nov 14, 2013
Ordered to be Reported (Amended) by Voice Vote.
Nov 14, 2013
Committee Consideration and Mark-up Session Held.
Nov 13, 2013
Referred to the House Committee on Financial Services.
Nov 13, 2013
Introduced in House
 Plain-English summary Congressional Research Service

(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 "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.

What's happening now December 18, 2014

Became Public Law No: 113-252.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 2