US Congress Senate Bill 2699 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on July 30 2014 - 25% progression, died in committee
Action: 2014-07-30 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

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.

A bill to require the National Credit Union Administration to provide pass-through share insurance for the deposits or shares of any interest on lawyers trust accounts, and for other purposes.

Sen. Angus King [I-ME]

Sen. Jack Reed [D-RI]

Sen. Mark Warner [D-VA]

Date	Chamber	Action
2014-07-30	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HB3468 (Related) 2014-12-18 - Became Public Law No: 113-252.
SB2698 (Related) 2014-09-16 - Committee on Banking, Housing, and Urban Affairs. Hearings held.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/2699/all-info
Text	https://www.congress.gov/113/bills/s2699/BILLS-113s2699is.pdf