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
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
9 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
11 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
11 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
11 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
12 hours ago