ALEXANDRIA, Va.–NCUA has released an on-demand webinar that offers information on regulatory and legislative enhancements made to the Central Liquidity Facility.
The approximately 40-minute webinar is available on the agency’s website. Participants should allow pop-ups from this website, the agency said.
According to NCUA, during the webinar, Owen Cole, president of the Central Liquidity Facility, explains how the facility works and how it fits within a credit union’s broader liquidity risk-management program. Cole also provides an overview of recent changes to the Central Liquidity Facility made by the CARES Act and the NCUA board.
NCUA Chairman Rodney E. Hood also provides introductory remarks during the webinar and encourages credit unions to consider joining the facility, the agency said.
“While we hope for the best outcome, we must prepare for the possibility the Central Liquidity Facility will be a vital resource to help credit unions respond to the consequences of the COVID-19 pandemic,” Hood said. “The NCUA encourages any credit union that is not a member to join the Central Liquidity Facility.”
NCUA reminded the Central Liquidity Facility is a mixed-ownership government corporation created to improve the financial stability of federally insured credit unions.
“It provides the credit union system a vital contingent source of funds to assist with system-wide liquidity events,” the agency said. “Member credit unions own the Central Liquidity Facility, which exists within the NCUA. Joining the facility is voluntary.”
Additional information can be found at www.ncua.gov/clf or email CLFmail@ncua.gov.
Hood Sends Letter
Separately, Hood has sent a letter to the Federal Communications Commission regarding a third-party petition to permit certain automated calls to fall under the Emergency Purposes Exception of the Telephone Consumer Protection Act. The types of automated calls outlined in the petition include options for loan modifications, changes to how consumers access their institution’s services, and warnings about potential fraud.
“The NCUA has supported and encouraged federally insured credit unions in their efforts to provide credit union members with prudent debt relief and help members understand the range of relief possibilities,” wrote Hood. “Autodialed calls providing information about payment deferrals, fee waivers, loan term extensions, other loan modifications, and forbearance could assist consumers during this challenging time.”
In the letter, Hood added financial institutions are not seeking permission to use automated calls related to advertising, telemarketing, or seeking payment on a debt. Like other financial institutions, federally insured credit unions must comply with all other consumer protection laws governing autodialed calls.
The full letter can be found on NCUA’s website.