Press

NAFCU hails Senate passage of IOLTA Parity for credit unions

WASHINGTON, DC (December 11, 2014) — National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler hailed the Senate’s passage today of H.R. 3468, the “Credit Union Share Insurance Fund Parity Act,” a NAFCU-supported bill that addresses Interest on Lawyer Trust Accounts. The House-passed bill was approved in the Senate by unanimous consent.

“We applaud the Senate for passing such critical legislation for credit unions. We thank the bill’s House sponsors, Reps. Ed Perlmutter, D-Colo., and Ed Royce, R-Calif., as well as Sens. Angus King, I-Maine, and Mark Warner, D-Va., for introducing a similar bill in the Senate,” said Thaler. “Parity for credit unions on Interest on Lawyer Trust Accounts (IOLTAs) is a key element of NAFCU’s five-point plan for regulatory relief for credit unions.”

Thaler also thanked Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho, for their leadership in advancing this legislation.

H.R. 3468 will help ensure that credit unions have parity with FDIC-insured institutions when it comes to escrow accounts such as IOLTAs. The bill awaits the president’s signature.

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

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