Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
House spending vote Wednesday to include CLF cap
WASHINGTON (2/24//09)—A draft spending bill circulating in the U.S. House would continue borrowing authority for the National Credit Union Administration’s (NCUA’s) Central Liquidity Facility (CLF) to its full authority of $41 billion through FY 2009. The CLF is authorized by the Federal Credit Union Act to lend up to 12 times its paid-in capital—an amount that translates today to about $41 billion. However, beginning in FY2001 and until last year, Congress has set the annual cap at $1.5 billion. In 2008, then-President George W. Bush signed a funding bill that increased the loan limitation for the CLF to its statutory cap of $41 billion through March 6, 2009. The Credit Union National Association (CUNA) has urged lawmakers to extend the full authority for FY 2009. Increasing the CLF cap to its statutory ceiling is a prudent measure, CUNA maintains, to prevent any credit union liquidity problems during this period of market turmoil in the credit market. CUNA and its Corporate Credit Union Task Force strongly support using CLF funds as a back up to help fund corporate credit union liquidity. The House is scheduled to vote on it spending bill Wednesday. Once passed by the House, the bill goes to the Senate for consideration.


RSS print
News Now LiveWire
.@TheNCUA says its employees report high job satisfaction in the 2014 Federal Employee Viewpoint Survey. http://t.co/1nLUwrEqnA
4 minutes ago
.@MeridianTrustCU has opened the first mobile banking branch in the state of Wyoming
34 minutes ago
#Cash isn't king anymore, @BostonFed reports http://t.co/smR6H0ztoy
53 minutes ago
@FTC acts to stop 'phantom debt scam' that targeted Spanish-speaking consumers nationwide http://t.co/9FSNSgWSax
1 hours ago
Data, privacy take center stage at Cal./Nev. #creditunion leagues annual meeting #NewsNow http://t.co/4ognppZ6jv
1 hours ago