Credit Union Share Insurance Fund Parity Act
Latest action. Became public lawWhat a bill becomes when enacted, numbered by Congress and order of enactment: Public Law 119-4 is the 4th law of the 119th Congress.Read the full definition (opens a new tab) No: 113-252.
(This measure has not been amended since it was passed by the House on May 6, 2014. The summary of that version is repeated here.)
Credit Union Share Insurance Fund Parity Act - Amends the Federal Credit Union Act regarding insured amounts payable in connection with a bankrupt state-chartered credit union for which the National Credit Union Administration (NCUA) Board is the liquidating agent.
Revises requirements relating to the limitation to the standard maximum share insurance amount ($250,000) for the net amount of share insurance payable to any member at an insured credit union in the event of such a bankruptcy. Applies the limitation also to any person with funds lawfully held in a member account.
Requires the Board to provide pass-through share insurance paid by certain lawyers administering deposits or shares of any interest on a lawyer's trust account (IOLTA), or paid by the escrow agent administering other similar escrow accounts.
Defines "IOLTA" as a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations providing services to clients in need.
Treats IOLTAs as escrow accounts for share insurance purposes, and considers them as member accounts if the administering attorney or escrow agent is a member of the insured credit union in which the funds are held.
Declares that nothing in this Act shall be construed as authorizing an insured credit union to accept IOLTA or similar escrow account deposits in an amount greater than authorized under federal or state law.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Public Law" stage on December 18, 2014. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
This bill has been enacted. It is law.
The record's latest action, on December 18, 2014: Became Public Law No: 113-252.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
ED ROYCE (R-CA) introduced it on November 13, 2013, and 4 members have since signed on as cosponsors.
They come from both major parties: 3 Democrats, 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HousePassed
- SenatePassed
- PresidentSigned into law