ALEXANDRIA, Va. (12/11/15)--The National Credit Union Administration board will vote to finalize its interest on lawyer trust accounts (IOLTAs) rule at its Dec. 17 meeting. Also on the agenda is a notice and request for comment for regulatory review in accordance with the Economic Growth and Regulatory Paperwork Reduction Act.
Share insurance coverage was extended to IOLTAs in December 2014, when President Barack Obama signed into law the CUNA-backed Credit Union Share Insurance Fund Parity Act. NCUA Chair Debbie Matz followed the signing with a Dec. 22, 2014, declaration that IOLTAs were now fully insured by the NCUA.
The NCUA board was required to propose a rule incorporating the law’s statutory changes to the Federal Credit Union Act. The board issued the proposed rule at its April board meeting.
The meeting is scheduled to begin at 10 a.m. (ET) Dec. 17, and a link to the live video stream will be posted to the NCUA.gov homepage approximately 15 minutes before the start of the meeting.