NAFCU Applauds House Passage of H.R. 3468, The “Credit Union Share Insurance Fund Parity Act”
Washington (May 6, 2014) - The National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler applauded the House passage of NAFCU-sought H.R. 3468, the “Credit Union Share Insurance Fund Parity Act.”
“We applaud the House for passing such important legislation for credit unions,” said Thaler. “Parity for credit unions on Interest on Lawyers Trust Accounts (IOLTAs) is a key element in NAFCU’s five-point plan for regulatory relief, and we look forward to working with the Senate to advance this legislation.”
Advancing a key element of NAFCU’s five-point plan for credit union regulatory relief, H.R. 3468 would advance parity for certain accounts in credit unions, including IOLTAs, protected by the National Credit Union Share Insurance Fund with those accounts in banks that are backed by the FDIC Deposit Insurance Fund. This bill was introduced in November by Reps. Ed Royce, R-Calif., Ed Perlmutter, D-Colo., Gary Miller, R-Calif., and Brad Sherman, D-Calif.
The House today also passed NAFCU-backed H.R. 2672, the “CFPB Rural Designation Petition and Correction Act,” which would be helpful to small creditors, including credit unions, by offering relief to lenders providing certain mortgages in rural areas. The bill would establish a process to appeal if the CFPB has not recognized the area as “rural.”
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.