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.

With IOLTAs, attorneys routinely hold funds in trust for clients to pay costs related to legal services such as court filings, depositions and business transactions. Interest from the short-term trust accounts is typically paid to a nonprofit foundation for programs to provide legal services to the poor, elderly and disabled.

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