A House subcommittee has recommended that the Central Liquidity Facility borrowing authority be set at $40 billion and not subject to a cap.
The House Appropriations Subcommittee on Financial Services recommended the action to the full committee as part of the process by which Congress establishes funding for the government. Once the full committee takes action, the House will consider it, and then it will go to the Senate.
NCUA Chairman Michael E. Fryzel said the action "suggests that Congress will continue to support NCUA's authority regarding Central Liquidity Facility borrowing. I am optimistic that the cap will be removed for the second consecutive fiscal year and that Congress will provide NCUA with the necessary tools to maintain liquidity in the credit union system."
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