An on-demand webinar released Monday by the NCUA will provide credit unions with information on the regulatory and legislative enhancements made to the Central Liquidity Facility.
The webinar featured Owen Cole, president of the Central Liquidity Facility, who explained how the facility works and how it fits within a credit union’s broader liquidity risk-management program. He also provided an overview of the recent changes to the Central Liquidity Facility made by the CARES Act and the NCUA board.
“While we hope for the best outcome, we must prepare for the possibility the Central Liquidity Facility will be a vital resource to help credit unions respond to the consequences of the COVID-19 pandemic,” NCUA Chairman Rodney E. Hood said. “The NCUA encourages any credit union that is not a member to join the Central Liquidity Facility.”
The 40-minute webinar is available on the agency’s website.
The Central Liquidity Facility is a mixed-ownership government corporation created to improve the financial stability of federally-insured credit unions. It provides the credit union system with a vital contingent source of funds to assist with system-wide liquidity events. Member credit unions own the Central Liquidity Facility, which exists within the NCUA. Joining the facility is voluntary.
For additional information about the Central Liquidity Facility, please visit www.ncua.gov/clf or email CLFmail@ncua.gov.