The Senate passed the Credit Union Share Insurance Fund Parity Act Thursday, whichwould direct the NCUA to issue a regulation extending shareinsurance to owners of funds held in trust accounts opened andmanaged by credit union members.

“This much needed legislation is an important first step inremoving barriers that impede credit unions from fully servingtheir members. CUNA thanks Senators Angus King (I-Maine) and MarkWarner (D-Va.) for standing with credit unions to bring parity tothe not-for-profit cooperatives, their members, and the communitiesthey serve,” CUNA President/CEO Jim Nussle said.

“We thank the Senate for their passage and greatly appreciatethe leadership of the chief sponsors in getting thisdone. This is just the beginning of the regulatoryrelief we will be seeking for credit unions,” NAFCU President/CEO Dan Berger said in a statement.

The bill was originally introduced by Rep. Ed Royce (R-Calif.)last November and passed the House in Mayof this year.

“The Credit Union Share Insurance Fund Parity Act strengthensnational credit unions' commitment to IOLTAs and the legal servicesthey help fund for local communities,” Royce said after theSenate's passage of the legislation.

“The universal support for this bill in both chambers ofCongress speaks to the merits of establishing parity for thetreatment of IOLTAs and other similar accounts regardless ofwhether they are kept at a bank or a credit union,” Roycenoted.