[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3468 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3468

 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.


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                    IN THE HOUSE OF REPRESENTATIVES

                           November 13, 2013

     Mr. 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 Services

_______________________________________________________________________

                                 A BILL


 
 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)(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.''.
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