WASHINGTON—NAFCU hassent a letter to both the House and Senate in follow up to an earlier letter sent by the three members of the NCUA board to Congress in which they called for for the NCUA board’s letter calling for enhancements to the Central Liquidity Facility (CLF) to be made permanent.
Those enhancements were made by the CARES Act and are set to expire at year-end. The letter also notes how credit unions have stepped up to help their communities.
Vice President of Legislative Affairs Brad Thaler reiterated the four important changes made to the CLF that NAFCU wants to see made permanent:
- Increasing the CLF’s maximum legal borrowing authority
- Permitting temporary access for corporate credit unions to borrow for their own needs
- Providing more flexibility and affordability for members to join and serve smaller groups of their covered institutions than their entire memberships
- Providing the NCUA Board with more clarity and flexibility on the loans it can approve
“We urge Congress to act to prevent the expiration of these provisions and continue providing credit unions with this important liquidity tool,” concluded Thaler.