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This morning, the NCUA Board is expected to finalize its proposed rule for implementing last year's Federal Credit Union Act revisions ensuring parity in coverage of Interest on Lawyer Trust Accounts and "other similar escrow" accounts.

The revisions were made through the NAFCU-supported "Credit Union Share Insurance Fund Parity Act." NCUA's proposal would direct NCUA to provide enhanced, pass-through share insurance for IOLTAs and other similar escrows.

Also on today's agenda is a request for comments in round four of the agency's regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act.

The meeting begins at 10 a.m. Eastern at agency headquarters in Alexandria, Va.

NAFCU weighed in with support for NCUA's proposed IOLTA rule in July but said NCUA should adopt a less-rigid definition of "other similar escrow" accounts. NAFCU recommended that NCUA consider including accounts that exhibit a relationship of trust and confidence for the benefit of another, though it may not rise to the requisite level of a fiduciary relationship.

Last December, NCUA Chairman Debbie Matz announced that lawyers' trust accounts at federally insured credit unions are now insured to the limit allowed by the National Credit Union Share Insurance Fund. This final rule will bring NCUA's regulation into conformity with her announcement and will address the "other similar escrow" accounts provision in the law.