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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.


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