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The Senate Thursday passed the NAFCU-supported H.R. 3468 to give credit unions parity with banks on escrow accounts such as Interest on Lawyer Trust Accounts. The measure was cleared by the House in May and awaits the president's signature.

NAFCU President and CEO Dan Berger responded, "This critical legislation is an important win for credit unions, and we thank the bill's House sponsors, Reps. Ed Perlmutter, D-Colo., and Ed Royce, R-Calif., as well as Sens. Angus King, I-Maine, and Mark Warner, D-Va., for bringing the bill to the Senate. This has been a key point of NAFCU's five-point plan for regulatory relief, and we hope for more relief to come."

Once signed, the bill will ensure that 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.

In September, NAFCU Vice President of Legislative Affairs Brad Thaler wrote Senate leaders to urge their action on this and other House-passed regulatory relief measures. NAFCU will continue to monitor this and other regulatory relief measures for progress.