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NAFCU President and CEO Dan Berger urged President Obama on Friday to sign H.R. 3468, the "Credit Union Share Insurance Parity Act," into law "expeditiously" to ensure credit unions parity with banks on escrow accounts such as Interest on Lawyer Trust Accounts.

"Maintaining parity between the coverage provided by the National Credit Union Share Insurance Fund (NCUSIF) and the Federal Deposit Insurance Corporation (FDIC) on all types of deposits and accounts is imperative and a longstanding goal of NAFCU member credit unions," Berger wrote. "Consumers often do not distinguish between the government backing on accounts at financial institutions. It is important that the law dictate that there is no difference in coverage, so as not to favor one type of institution over another in the marketplace."

The Senate cleared H.R. 3468 on Thursday and the bill now awaits the president's signature. Once signed, the measure will ensure that federally insured credit unions have parity with FDIC-insured institutions with respect to escrow accounts such as IOLTAs, advancing a key aspect of NAFCU's five-point plan for regulatory relief for credit unions.