National Credit Union Administration December 28, 2015 – Federal Register Recent Federal Regulation Documents

Pass-Through Share Insurance for Interest on Lawyers Trust Accounts
Document Number: 2015-32164
Type: Rule
Date: 2015-12-28
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (Board) is amending its share insurance regulations to implement statutory amendments to the Federal Credit Union Act (FCU Act or the Act) resulting from the recent enactment of the Credit Union Share Insurance Fund Parity Act (Insurance Parity Act). The statutory amendments require NCUA to provide enhanced, pass- through share insurance for interest on lawyers trust accounts (IOLTA) and other similar escrow accounts. As its name implies, the Insurance Parity Act ensures that NCUA and the Federal Deposit Insurance Corporation (FDIC) insure IOLTAs and other similar escrow accounts in an equivalent manner.