113 HR 3468 IH: Credit Union Share Insurance Fund Parity Act U.S. House of Representatives 2013-11-13 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I113th CONGRESS1st SessionH. R. 3468IN THE HOUSE OF REPRESENTATIVESNovember 13, 2013Mr. Royce (for himself, Mr. Perlmutter, Mr. Gary G. Miller of California, and Mr. Sherman) introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo amend the Federal Credit Union Act to extend insurance coverage to amounts held in a member account on behalf of another person, and for other purposes.

1.

Short title

This Act may be cited as the Credit Union Share Insurance Fund Parity Act.

2.

Insurance of amounts held on behalf of others

Section 207(k)(1) of the Federal Credit Union Act (12 U.S.C. 1787(k)(1)) is amended—(1)in subparagraph (A), by inserting after deposits in the name of the member the following: or held in the member’s account on behalf of another person; and(2)in subparagraph (C), by striking the period and inserting the following: , or where a member holds funds for the use of a nonmember. Coverage for an account established by a member shall be consistent with that of the Federal Deposit Insurance Corporation regardless of the membership status of the owner of the funds that are deposited in an account established by a credit union member..