WASHINGTON-The Senate Appropriations Committee passed a favorable report on to the full Senate concerning the Veterans Affairs, Housing and Urban Development, and Independent Agencies (VA-HUD) appropriations legislation, which encapsulates the Central Liquidity Facility (CLF). The NCUA’s CLF was permitted to retain its $1.5 billion borrowing authority for fiscal year 2003 as it has since the era of Y2K. The CLF provides credit unions with a back-up source of liquidity. While the Federal Credit Union Act provides no cap on the facility, which is not funded with taxpayer dollars, lawmakers have seen fit to place one on it. Prior to the millennium date change the borrowing ceiling was set at $600 million, not nearly enough to cover the approximately half a trillion dollar industry.

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