WASHINGTON–The Corporate Credit Union Alliance has sent a letter to congressional leadership calling on the new Congress to make a priority of restoring certain temporary enhancements and improvements related to NCUA’s Central Liquidity Facility, powers that expired at the end of the 117th Congress.
As CUToday.info has reported, all three members of the NCUA board have also asked that Congress also renew the expanded authorities, a fact the letter also notes.
“The provisions themselves are simple and very straightforward: They would provide permanent authority for corporate credit unions to serve as agent members for smaller natural person credit unions seeking access to NCUA’s Central Liquidity Facility; and, they would restore the authority for the CLF to borrow up to 16 times the subscribed capital stock and surplus of the Facility,” the letter states.
As CUToday has reported and as the letter notes, all three NCUA board members have also called on Congress to extend the expired authorities.
NCUA Chairman is Cited
The letter cites a statement from NCUA Chairman Todd Harper, who noted “the unique challenges smaller credit unions may often face,” which is “why the NCUA Board has consistently advocated for allowing agent members of the CLF to purchase capital stock for a subset of credit unions served. By permitting corporate credit unions to become agent members for groups of credit unions … the CLF becomes a more affordable and attractive option … without that agent membership, small credit unions will likely not have access through the corporates.”
The letter was signed by Jeffrey W. Merry, chairman of the Corporate CU Alliance and president and CEO of Volunteer Corporate CU.
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