The NCUA will consult with Congress on a possible legislative remedy to modernize the Central Liquidity Facility, according to the regulator’s 2012 annual report, released Tuesday. The report was presented to members of the Senate Banking and House Financial Services Committees.

After liquidating U.S. Central Bridge FCU, which held the vast majority of capital stock – for a borrowing capacity of nearly $50 billion – on behalf of all credit unions that were members of corporates, the CLF is now limited to just 124 that own stock in the borrowing source, the report said. The NCUA issued a proposed rule in July 2012 that would require credit unions with more than $100 million in assets to establish emergency liquidity relationships with one of two providers, the CLF or the Federal Reserve’s discount window. However, the regulator has not yet finalized that rule.

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