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Administrative/Regulatory

Dec. 16, 2014

Congress passes bill to expand insurance protection for credit union IOLTA

Bill gives interest on lawyers' trust accounts insurance protection at credit unions


By Kibkabe Araya


Daily Journal Staff Writer


The U.S. Senate has given unanimously approval to a bill to give interest on lawyers' trust accounts, or IOLTA, insurance protection at credit unions and sent the bill for President Obama's signature.


The Credit Union Share Insurance Fund Parity Act, passed Thursday, will extend insurance protection for IOLTA in credit unions similar to FDIC protection at banks. It will offer $250,000 protec...

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