A bill to require the National Credit Union Administration to provide pass-through share insurance for the deposits or shares of any interest on lawyers trust accounts, and for other purposes.

Summary

Amends the Federal Credit Union Act regarding insured amounts payable in connection with a bankrupt state-chartered credit union for which the National Credit Union Administration (NCUA) Board is the liquidating agent. Revises requirements relating to the limitation to the standard maximum share insurance amount ($250,000) for the net amount of share insurance payable to any member at an insured credit union in the event of such a bankruptcy. Applies the limitation also to any person with funds lawfully held in a member account. Requires the Board to provide pass-through share insurance paid by certain lawyers administering deposits or shares of any interest on a lawyer's trust account (IOLTA), or paid by the escrow agent administering other similar escrow accounts. Defines "IOLTA" as 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 providing services to clients in need. Treats IOLTAs as escrow accounts for share insurance purposes, and considers them as member accounts if the administering attorney or escrow agent is a member of the insured credit union in which the funds are held.

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Timeline

1. 30 July 2014

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 30 July 2014

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 30 July 2014 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 30 July 2014

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 30 July 2014

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 30 July 2014

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. King, Angus S., Jr. [I-ME] · I · Sponsor
• Sen. Warner, Mark R. [D-VA] · D · Sponsor
• Sen. Reed, Jack [D-RI] · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Credit Union Share Insurance Fund Parity Act
• related to ← RELIEVE Act