#aacth ,,congress  #b;d ,session  ,h4   
,r4 #cdfh  ,,an ,,act  ,to amend the    
,federal ,credit ,union ,act to extend  
insurance coverage to amounts held in a 
member account on behalf of another     
person1 and for other purposes4  #a4    
,short title ,this ,act may be cited as 
the ,credit ,union ,share ,insurance    
,fund ,parity ,act4  #b4 ,insurance of  
amounts held on behalf of others        
,section #bjg7k7 of the ,federal ,credit
 ,union ,act 7#ab ,u4,s4,c4 #aghg7k77 is
 amended--  7#a7 in paragraph           
7#a77;,a7--  7,a7 by inserting after    
payable to any member the following3 1  
or to any person with funds lawfully    
held in a member account12 and  7,b7 by 
striking and paragraphs 7#e7 and 7#f72  
7#b7 in paragraph 7#b77;,a71 by striking
 7as determined under paragraph 7#e772  
7#c7 by redesignating paragraph 7#e7 as 
paragraph 7#f72 and  7#d7 by inserting  
after paragraph 7#d7 the following3     
7#e7 ,coverage for ,interest ,on        
,lawyers ,trust ,accounts 7,,iolta7 and 

other similar escrow accounts  7,a7     
,pass-through insurance ,the            
,administration shall provide           
pass-through share insurance for the    
deposits or shares of any interest on   
lawyers trust account 7,,iolta7 or other
 similar escrow accounts4  7,b7         
,treatment of ,i,o,l,t,as  7i7          
,treatment as escrow accounts ,for share
 insurance purposes1 ,i,o,l,t,as are    
treated as escrow accounts4  7ii7       
,treatment as member accounts           
,i,o,l,t,as and other similar escrow    
accounts are considered member accounts 
for purposes of paragraph 7#a71 if the  
attorney administering the ,,iolta or   
the escrow agent administering the      
escrow account is a member of the       
insured credit union in which the funds 
are held4  7,c7 ,definitions ,for       
purposes of this paragraph3  7i7        
,interest on lawyers trust account ,the 
terms interest on lawyers trust account 
and ,,iolta mean a system in which      
lawyers place certain client funds in   

interest-bearing or dividend-bearing    
accounts1 with the interest or dividends
 then used to fund programs such as     
legal service organizations who provide 
services to clients in need4  7ii7      
,pass-through share insurance ,the term 
pass-through share insurance means1 with
 respect to ,i,o,l,t,as and other       
similar escrow accounts1 insurance      
coverage based on the interest of each  
person on whose behalf funds are held in
 such accounts by the attorney          
administering the ,,iolta or the escrow 
agent administering a similar escrow    
account1 in accordance with regulations 
issued by the ,administration4  7,d7    
,rule of construction ,no provision of  
this paragraph shall be construed as    
authorizing an insured credit union to  
accept the deposits of an ,,iolta or    
similar escrow account in an amount     
greater than such credit union is       
authorized to accept under any other    
provision of ,federal or ,state law4  4 
,passed the ,house of ,representatives  

,may #f1 #bjad4;,clerk4