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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.

Introduced Nov. 13, the House Financial Services Committee approved the bill, the Credit Union Share Insurance Fund Parity Act (H.R. 3468), by a voice vote Nov. 14. The legislation would establish parity with banks for escrow accounts including extending share insurance coverage to interest on lawyers trust accounts.

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