[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3468 Enrolled Bill (ENR)]

        H.R.3468

                     One Hundred Thirteenth Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

           Begun and held at the City of Washington on Friday,
           the third day of January, two thousand and fourteen


                                 An Act


 
 To 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
    This Act may be cited as the ``Credit Union Share Insurance Fund 
Parity Act''.
SEC. 2. INSURANCE OF AMOUNTS HELD ON BEHALF OF OTHERS.
    Section 207(k) of the Federal Credit Union Act (12 U.S.C. 1787(k)) 
is amended--
        (1) in paragraph (1)(A)--
            (A) by inserting after ``payable to any member'' the 
        following: ``, or to any person with funds lawfully held in a 
        member account,''; and
            (B) by striking ``and paragraphs (5) and (6)'';
        (2) in paragraph (2)(A), by striking ``(as determined under 
    paragraph (5))'';
        (3) by redesignating paragraph (5) as paragraph (6); and
        (4) by inserting after paragraph (4) the following:
        ``(5) Coverage for interest on lawyers trust accounts (iolta) 
    and other similar escrow accounts.--
            ``(A) Pass-through insurance.--The Administration shall 
        provide pass-through share insurance for the deposits or shares 
        of any interest on lawyers trust account (IOLTA) or other 
        similar escrow accounts.
            ``(B) Treatment of ioltas.--
                ``(i) Treatment as escrow accounts.--For share 
            insurance purposes, IOLTAs are treated as escrow accounts.
                ``(ii) Treatment as member accounts.--IOLTAs and other 
            similar escrow accounts are considered member accounts for 
            purposes of paragraph (1), if the attorney administering 
            the IOLTA or the escrow agent administering the escrow 
            account is a member of the insured credit union in which 
            the funds are held.
            ``(C) Definitions.--For purposes of this paragraph:
                ``(i) Interest on lawyers trust account.--The terms 
            `interest on lawyers trust account' and `IOLTA' mean 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 who provide services to clients 
            in need.
                ``(ii) Pass-through share insurance.--The term `pass-
            through share insurance' means, with respect to IOLTAs and 
            other similar escrow accounts, insurance coverage based on 
            the interest of each person on whose behalf funds are held 
            in such accounts by the attorney administering the IOLTA or 
            the escrow agent administering a similar escrow account, in 
            accordance with regulations issued by the Administration.
            ``(D) Rule of construction.--No provision of this paragraph 
        shall be construed as authorizing an insured credit union to 
        accept the deposits of an IOLTA or similar escrow account in an 
        amount greater than such credit union is authorized to accept 
        under any other provision of Federal or State law.''.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.