The House passed a bill Tuesday that would provide financial safeguards to the trust accounts that help fund civil legal services to the poor—potentially giving those providers more money.
The Credit Union Share Insurance Fund Parity Act includes a regulatory change for credit unions to fix a disparity between the way trust accounts are federally insured at credit unions and banks. It allows for pass-through share insurance when financial institutions hold funds on behalf of certain trust accounts, specifically interest on lawyers’ trust accounts, called IOLTAs.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
