Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Higher CLF cap moves forward
WASHINGTON (9/29/08)—As of Saturday afternoon, both houses of Congress have passed a government funding resolution that also contains a borrowing cap increase for the National Credit Union Administration's (NCUA's) Central Liquidity Facility (CLF) for Fiscal Year 2009. The increased borrowing ceiling was included in a continuing resolution (CR) to keep the government funded into 2009. The legislation was approved 78-12 by the Senate on Saturday and was passed 370-58 by the House on Wednesday. The CLF provision temporarily lifts an arbitrary $1.5 billion lending cap placed on the NCUA’s liquidity facility. The increased cap would allow the CLF to lend up to approximately $41 billion to the Credit Union System. Credit Union National Association (CUNA) Vice President of Legislative Affairs Ryan Donovan noted Saturday, “The higher lending cap has been sought by the NCUA in order to have an additional regulatory tool at their disposal, if needed, and CUNA has been working very hard over the past week to make this happen.” Donovan said that it is expected that the President will sign the continuing resolution, but, he warned, “Nothing is ever final in these closing days of Congress until it is official. “This CR is the vehicle that will keep the federal government programs operating after October 1 until March of 2009. So, the CLF language is clearly part of a very important development.”
Other Resources

RSS print
News Now LiveWire
Mike Mercer recognized with @NCUF's Wegner award #NewsNow http://t.co/1GqHS1gsHo
36 minutes ago
Mike Mercer recognized with @NCUFoundation's Wegner award #NewsNow http://t.co/LWQJxpKBHU
44 minutes ago
NCUA confirmed earlier indications that there would be no National Credit Union Share Insurance Fund premium for 2014.
16 hours ago
.@NJCUL supported prized-linked savings legislation introduced in New Jersey state Senate.
16 hours ago
#creditunions emphasize co-op principles during National Co-op Month #NewsNow http://t.co/zEb9UFot1N
22 hours ago