Senate Poised to Pass CLF Hike
At press time, the Senate was debating a $410 billion bill to fund the government through September. Though there was some criticism about the amount of government spending in the measure, the CLF provision, which was backed by the NCUA, CUNA and NAFCU, was noncontroversial.
Before 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.
Previously the measure to fund the operations of the government through September passed the House 245-178.