From the March-20, 2002 issue of Credit Union Times Magazine • Subscribe!
CUNA goes on the record for 2003 CLF
<p>WASHINGTON-As Washington heats up for yet another potentially exciting legislative session, CUNA is throwing its two cents in before the issue of the Central Liquidity Facility (CLF) borrowing authority even surfaces for fiscal year 2003. Congress will soon begin formulating appropriations bills and CUNA wanted to be one step ahead in the CLF negotiations. In a letter signed by CUNA President and CEO Dan Mica, CUNA expressed its support for continuing the current $1.5 billion ceiling on credit unions borrowing from the CLF. He also noted CUNA's long-standing policy of supporting the complete removal of the cap, especially since there is no potential budgetary impact for Congress. Until 2000, the limit had been left at $600 million since 1980 when the cap was initially imposed. However, due to concerns about Y2K glitches and to bolster consumer confidence, the ceiling was raised to $1.5 billion where it has remained since.</p>