    [United States Statutes at Large, Volume 128, 113th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    Public Law 113-252
    113th Congress

    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,

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    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.''.

    Approved December 18, 2014.

    LEGISLATIVE HISTORY--H.R. 3468:
    ---------------------------------------------------------------------------

    CONGRESSIONAL RECORD, Vol. 160 (2014):
    May 6, considered and passed House.
    Dec. 11, considered and passed Senate.