The Central Liquidity Facility was set to keep its lending ceiling at $41.5 billion, under a provision of a bill to fund the government that the Senate was set to pass.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.–[email protected]
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.