The Senate passed the Credit Union Share Insurance Fund Parity Act Thursday, which would direct the NCUA to issue a regulation extending share insurance to owners of funds held in trust accounts opened and managed by credit union members.
“This much needed legislation is an important first step in removing barriers that impede credit unions from fully serving their members. CUNA thanks Senators Angus King (I-Maine) and Mark Warner (D-Va.) for standing with credit unions to bring parity to the not-for-profit cooperatives, their members, and the communities they serve,” CUNA President/CEO Jim Nussle said.
“We thank the Senate for their passage and greatly appreciate the leadership of the chief sponsors in getting this done. This is just the beginning of the regulatory relief 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 May of this year.
“The Credit Union Share Insurance Fund Parity Act strengthens national credit unions' commitment to IOLTAs and the legal services they help fund for local communities,” Royce said after the Senate's passage of the legislation.
“The universal support for this bill in both chambers of Congress speaks to the merits of establishing parity for the treatment of IOLTAs and other similar accounts regardless of whether they are kept at a bank or a credit union,” Royce noted.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
