H.R. 3468 — Introduced in House

I 113th CONGRESS 1st Session H. R. 3468 IN THE HOUSE OF REPRESENTATIVES November 13, 2013Mr. Royce (for himself, Mr. Perlmutter, Mr. Gary G. Miller of California, and Mr. Sherman) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Credit Union Act to extend insurance coverage to amounts held in a member account on behalf of another person, and for other purposes. 1. Short title This Act may be cited as the Credit Union Share Insurance Fund Parity Act. 2. Insurance of amounts held on behalf of others Section 207(k)(1) of the Federal Credit Union Act (12 U.S.C. 1787(k)(1)) is amended— (1) in subparagraph (A), by inserting after deposits in the name of the member the following: or held in the member’s account on behalf of another person; and (2) in subparagraph (C), by striking the period and inserting the following: , or where a member holds funds for the use of a nonmember. Coverage for an account established by a member shall be consistent with that of the Federal Deposit Insurance Corporation regardless of the membership status of the owner of the funds that are deposited in an account established by a credit union member..