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October 1, 2008 - The President signed a continuing resolution on September 30 which includes an increase in the borrowing ceiling of the Central Liquidity Facility (CLF). The CLF serves as a lender of last resort for credit unions and exists within the NCUA.
Congress had placed a cap of $1.5 billion on the CLF. The language in continuing resolution (CR) signed by the President increases the cap to the amount authorized in the Federal Credit Union Act of 12 times the subscribed capital stock and surplus of the CLF. This would equate to a cap of about $41 billion. To read more on the CLF, visit the NCUA Web site at www.ncua.gov.
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