Letter to Credit Unions 20-CU-14 Establishment of CLF Agent Memberships
NCUA issued LTCU 20-CU-14 to announce that all 3,700+ credit union with assets less than $250 million may access the Central Liquidity Facility (CLF). This is because all 11 remaining corporate credit unions agreed to subscribe to CLF stock as agents for all their members with less than $250 million in assets. In addition, the corporate credit unions action has increased the CLF’s borrowing authority by over $13 billion.
NCUA’s LTCU 20-CU-08, Enhancements to the Central Liquidity Facility Membership and Borrowing Authority provided information on changes to the CLF resulting from the (CARES) Act, including allowing corporate credit union to become agent members of the CLF for a subset of their NPCU members rather than for ALL of their NPCU members. This special “subset” membership authority sunsets on December 31, 2020.
Credit unions seeking loans from the CLF should contact their corporate credit union. The corporate credit union can process the request for the credit union on behalf of the CLF. For more information, NCUA has resources on the CLF website.