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News Now

Washington
CUNA supports NCUA appropriations requests
WASHINGTON (5/20/09)—The Credit Union National Association on May 19 declared its support for the National Credit Union Administration’s (NCUA) request for continued authority to allow the Central Liquidity Facility (CLF) to lend to its statutory cap of $41 billion. In a letter sent to ranking House Financial Services Subcommittee members Jose Serrano (D-N.Y.) and Jo Ann Emerson (R-Mo.), CUNA also asked the reps. to consider allowing the CLF to lend directly to corporate credit unions. Committee members should also “consider ways to make the CLF a more efficient liquidity tool for corporate credit unions,” the letter added. CUNA also suggested that legislators expand the use of Community Development Revolving Loan Funds (CDRLF) by asking NCUA to allow smaller community development credit unions to use these funds as secondary capital. Such a move would allow these credit unions to absorb the costs of National Credit Union Share Insurance Fund replenishment while continuing to provide much needed services to their members. The CDRLF provides grants and low-interest loans to designated low-income credit unions. NCUA and the National Federation of Community Development Credit Unions should be able to allow the use of CDRLF funds as secondary capital without harming the “safety and soundness” of related institutions or “unduly constraining the operations of this important group of credit unions,” CUNA said. NCUA should also be granted $1 million in CDRLF funding, the letter added.


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