Final IOLTA rule scheduled Dec. 17

The NCUA Board expects to finalize its proposed rule for implementing last year’s Federal Credit Union Act revisions ensuring parity in coverage of Interest on Lawyer Trust Accounts and “other similar escrow” accounts during its Dec. 17 open meeting.

The revisions were made through the NAFCU-supported “Credit Union Share Insurance Fund Parity Act.” It directs NCUA to provide enhanced, pass-through share insurance for IOLTAs and other similar escrows.

 

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