The Credit Union Share Insurance Fund Parity Act means IOLTA accounts are now covered by federal deposit insurance.
CU Share Insurance Fund Parity Act would direct NCUA to extend insurance to owners of funds held in trust accounts.
Bills would grant NCUSIF coverage for IOLTAs, privately-insured credit unions FHLB access, and more input on CFPB rural areas.
Three bills that would provide regulatory relief for credit unions are on Tuesday's House floor vote schedule.
Lawyer trust account parity bill would enable credit unions to compete, expand services.
From being able to compete with banks to assuring business members that their funds are insured, there could be several long-term benefits for credit unions if a bill involving insurance coverage becomes law.
Measure would level playing field for handling lawyer trust accounts.
Credit unions left out on Interest on Lawyers Trust Accounts and member business lending in Transaction Account Guarantee bill.