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House Committee Passes CU Share Insurance Fund Parity Act

Mon, Nov 18, 2013

Washington, District Of Columbia

On November 14, the House Financial Services Committee passed the Credit Union Share Insurance Fund Parity Act (H.R. 3468) out of committee.  The bill would provide NCUSIF coverage for accounts such as Interest on Lawyers Trust Accounts (IOLTAs) and prepaid debit card master accounts, thus treating these credit union accounts for deposit insurance purposes on the same basis as similar accounts insured by the FDIC.  The bill now awaits action from the whole House of Representatives.  Both MD|DC CUA and CUNA support H.R. 3468 and will be working to gain support for this common sense piece of legislation.

For more information on H.R. 3468 or other advocacy issues, please contact Ricardo Pineres (rpineres@mddccua.org).