US Congress House Bill 3468 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Passed on December 18 2014 - 100% progression
Action: 2014-12-18 - Became Public Law No: 113-252.
Text: Latest bill text (Enrolled) [PDF]

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.

Credit Union Share Insurance Fund Parity Act

Rep. Edward Royce [R-CA]	Rep. Gary Miller [R-CA]	Rep. Ed Perlmutter [D-CO]	Sen. Gary Peters [D-MI]
Rep. Brad Sherman [D-CA]

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

HB2572 (Related) 2013-06-28 - Referred to the House Committee on Financial Services.
SB2698 (Related) 2014-09-16 - Committee on Banking, Housing, and Urban Affairs. Hearings held.
SB2699 (Related) 2014-07-30 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/3468/all-info
Text	https://www.congress.gov/113/bills/hr3468/BILLS-113hr3468ih.pdf
Text	https://www.congress.gov/113/bills/hr3468/BILLS-113hr3468eh.pdf
Text	https://www.congress.gov/113/bills/hr3468/BILLS-113hr3468enr.pdf