Press

NAFCU Lauds House Financial Services Committee Passage of H.R. 3468, the ‘Credit Union Share Insurance Fund Parity Act’

WASHINGTON, DC (November 14, 2013) — Below is a statement from NAFCU Vice President of Legislative Affairs Brad Thaler on the House Financial Service Committee’s mark-up and passage today of H.R. 3468, the “Credit Union Share Insurance Fund Parity Act.” The managers amendment adopted during mark-up would help ensure credit unions have parity with FDIC-insured institutions when it comes to escrow accounts such as Interest on Lawyers Trust Accounts.

“We thank Representatives Ed Royce (R-CA), Ed Perlmutter (D-CO), Gary Miller (R-CA) and Brad Sherman (D-CA) for their leadership in introducing this important legislation, and especially thank committee Chairman Jeb Hensarling (R-TX), Ranking Member Maxine Waters (D-CA) and members of the committee for their support of share and deposit insurance parity for escrow accounts,” said NAFCU Vice President of Legislative Affairs Brad Thaler. “We look forward to working with lawmakers to achieve passage of H.R. 3468.

“We applaud the committee for taking the steps today to advance regulatory relief for community institutions and hope that this will be the start of an ongoing effort.”

Introduced Nov. 13, H.R. 3468, the “Credit Union Share Insurance Fund Parity Act,” would advance parity for accounts in credit unions and banks protected by the National Credit Union Share Insurance Fund and FDIC Bank Insurance Fund. It reflects a key element of NAFCU’s five-point plan for credit union regulatory relief.

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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public. 

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