CUNA News Now: Higher CLF cap moves forward

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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."



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	News Now LiveWire Most CUs will provide wage increases for at least some of their employees, according to CUNA's just-released Small CU Staff Salary Survey. 12 hours ago St. L Post Dispatch on GAO report:Consumers may not benefit from altering Interchange system;would cut card competition. http://ow.ly/ETyX 13 hours ago CUNA's Hampel: Consumer holiday spending will be up slightly from last year. See Tues NN. 17 hours ago NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 4 days ago Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 4 days ago Sign up; more tweets... 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." Resource Links CUNA Issue Summary: Central Liquidity Facility (PDF) NCUA website: Central Liquidity Facility More Washington
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