Senate Passes Bill With CLF Hike
The $410 billion bill funding the government through September passed the Senate last night, with a provision allowing the Central Liquidity Facility to keep its lending ceiling at $41.5 billion.
Though there was some criticism about the amount of government spending in the measure, the CLF provision, which was backed by NCUA, CUNA and NAFCU, was not considered to be controversial.
The CLF ceiling was raised by Congress last fall it was $1.5 billion.
Congress created the Central Liquidity Facility in 1979 and the Treasury Department is authorized to lend it up to $500 million if it is determined that the facility doesn't have enough money to meet the liquidity needs of credit unions. Membership is voluntary and credit unions that join purchase stock in it.
The Senate passed the bill on a voice vote after 54 Democrats and eight Republicans backed a procedural motion to end the debate on the measure.
Previously the measure passed the House 245-178.
President Obama is expected to sign the bill.