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house Bill H.R. 3468

Increasing Equality between Credit Unions and Banks through Greater Protections for IOLTAs

Argument in favor

Greater insurance for funds commonly used to increase access to legal justice for the poor. Advances parity between credit unions and banks.

Argument opposed

Federal credit unions already have their own insurance fund. Credit unions are intrinsically different than banks.

bill Progress

  • EnactedDecember 18th, 2014
    The President signed this bill into law
  • The senate Passed December 11th, 2014
    Passed by Voice Vote
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed May 6th, 2014
    Passed by Voice Vote
      house Committees
      Committee on Financial Services
    IntroducedNovember 13th, 2013

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What is House Bill H.R. 3468?

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. 


If enacted, the bill would provide greater regulatory relief to credit unions and greater insurance to IOLTA funds, in addition to increasing party between banks and credit unions.

Cost of House Bill H.R. 3468

Enacting this legislation would increase the cost to the government of resolving some future credit union failures; CBO estimates those costs would be minimal and would generally be offset by other collections, resulting in no significant net impact on direct spending over the next 10 years.


Credit Union Share Insurance Fund Parity Act

Official Title

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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