NAFCU's annual meeting with the Federal Reserve took on special meaning Monday thanks to a proposed NCUA rule that has credit unions lined up at the Fed's Discount Window.
Among the findings in the association's 2012 Report on Credit Unions, which was presented to Jan Yellen, vice chair of the Federal Reserve Board of Governors, nearly 30% of credit unions surveyed said they intend to access liquidity through the Fed's discount window in the next 12 months.
The rush to the Fed is the result of a proposed rule from the NCUA that would require credit unions with more than $100 million in assets to establish access to one of two sources of emergency liquidity: the Central Liquidity Facility or the Federal Reserve Window. Nearly twice as many credit unions said they would utilize the Fed's liquidity access over the CLF.
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