Relieves credit unions of some regulatory burden by expanding federal deposit insurance to include Interest on Lawyer Trust Accounts (IOLTAs) and similar escrow accounts housed within credit unions. Interest On Lawyer Trust Accounts are a type of pooled, interest-bearing account set up by lawyers who handle very small or short-term client funds that cannot earn net interest on their own. These accounts are often used to increase access to legal services for the poor.
- EnactedDecember 18th, 2014The President signed this bill into law
- The senate Passed December 11th, 2014Passed by Voice Vote
Committee on Banking, Housing, and Urban Affairs
- senate Committees
- The house Passed May 6th, 2014Passed by Voice Vote
Committee on Financial ServicesIntroducedNovember 13th, 2013
- house Committees