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News Now

Washington
Congress approves funding for CU programs
WASHINGTON (12/15/09)--The U.S. Senate on Sunday passed H.R. 3288, an appropriations bill that will, among other things, remove the borrowing cap on the National Credit Union Administration’s Central Liquidity Facility (CLF) funds and increase the amount of funding available to the NCUA’s Community Development Revolving Loan Fund (CDRLF). The House approved the same appropriations package by a very narrow 219-208 vote in July of this year. Under the legislation, the CLF will be given $43.8 billion in contingent liquidity to lend to eligible credit unions. These funds will be available until Sept. 30, 2010. The amount of funding given to the CDRLF tops off at $1.25 million for the 2010 fiscal year, a $250,000 increase from the amount of funding provided in fiscal 2009. The CDRLF, which was established by Congress in 1979, makes non member deposits and loans at a rate of 1% for five-year terms. Responding to the developments, National Credit Union Administration Chairman Debbie Matz said the passage of the appropriations bill was “a continuing sign that Congress is committed to working with NCUA to mitigate the effects of the economy on credit unions and their 90 million members." Matz also commended Congress “for lifting the CLF cap and authorizing NCUA to fulfill the essential role of providing additional liquidity for the credit union system, and was "pleased” by the increased CDRLF funding.


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