The NCUA will hold a webinar Monday to provide background information about recent changes to CLF’s investment policy and pending transfer of CLF stock ownership from U.S. Central FCU to other credit unions.
CLF President J. Owen Cole will host the one-hour webinar at 2 p.m. Participants can register until 1:45 p.m. EDT on that day. To register online at: http://event.on24.com/r.htm?e=158673&s=1&k=8F5153BB61B216C358F069842763C881.
The agency announced last week that pulling the Central Liquidity Facility funds from U.S. Central would be the only way to continue helping it and the credit union system at large.
After the CLF capital infusion to U.S. Central and subsequent conservatorship earlier this year, the NCUA looked at the generally accepted accounting principles and decided that the entities’ funds were so intertwined that the CLF and U.S. Central would have to provide consolidated financials under the current structure.
NCUA will now use the CLF funds to purchase Treasury securities, and U.S. Central will remain the primary beneficiary of the proceeds.