ATLANTA — The NCUA Central Liquidity Facility is "using everything in its arsenal to keep liquidity flowing," Owen Cole, director of the agency's Office of Capital Markets and Planning, reminded credit unions.
"Nobody expected portfolio values to decline so much," Cole said at the NCUA's Risk Mitigation Summit held at the Federal Reserve Bank of Atlanta yesterday. "We will not sell assets if we can avoid that."
NCUA issued an advance notice of proposed rulemaking approving an infusion of $1 billion in capital into U.S. Central FCU from the National Credit Union Share Insurance Fund. The regulator has also approved a temporary NCUSIF guarantee of all member shares for corporates that agree to participate in a voluntary guarantee program offered by the NCUA. The news has caused a wave of anxiety within the industry about accountability and who should shoulder some of the financial blame.
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