H.R. 3468, the "Credit Union Share Insurance Fund Parity Act,"
which provides credit unions with the same level of funding
protection as banks, on escrow accounts such as Interest on Lawyer
Trust Accounts (IOLTA), has passed in the Senate and now awaits
President Barack Obama's signature.
Credit unions often provide higher interest rates than banks,
and the passage of this bill will hopefully mean increased funding
for IOLTAs. Lawyers and law firms are required to establish
interest-bearing accounts (IOLTAs) for client deposits which are
nominal in amount or large amounts held for a short period of