Obama Signs Share Insurance Parity Bill

President Obama signed the Credit Union Share Insurance Fund Parity Act into law Thursday, creating deposit insurance parity for credit unions and directing the NCUA to extend share insurance coverage to trust accounts.

President Obama on Thursday signed into law the Credit Union Share Insurance Fund Parity Act, which creates deposit insurance parity for credit unions. The bill directs the National Credit Union Administration to extend share insurance coverage to trust accounts, like Interest on Lawyer Trust Accounts (IOLTA), opened and managed by credit union members.

“Not-for-profit credit unions are a critical part of the economic fabric of our country, and whenever the government removes barriers that impede their operations, American consumers win,” said Jennifer Wagner, senior vice president for governmental affairs for the NWCUA.

Credit Union National Association President and CEO Jim Nussle said, “CUNA thanks the president for signing this change into law.” He added, “Credit unions can better serve their members, through their consistently superior service and lower fees and better rates, when not encumbered by unnecessary constraints that do nothing to maintain credit unions’ stellar safety and soundness record.”

The Senate passed the bill unanimously last week after the House voted for passage in May.

Questions about this story? Contact James Pearson: 206.340.4790, jpearson@nwcua.org.

 

Posted in Advocacy News.