A bill that would amend the Federal Credit Union Act to extend share insurance coverage to funds held in a member account on behalf of another individual has advanced in the House.
Reps. Ed Royce (R-Calif.) and Ed Perlmutter (D-Colo.) formally introduced H.R. 3468, the Credit Union Share Insurance Fund Parity Act, late on Wednesday. The House Financial Services Committee passed the legislation on Thursday.
CUNA and NAFCU have both voiced support for the bill.
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