A House subcommittee today recommended that the Central Liquidity Facility have about $40 billion in borrowing authority and not be subject to a cap.
The House Appropriations Subcommittee on Financial Services recommended the action to the full committee as part of the process by which Congress establishes funding for the government. Once the full committee takes action, the House will consider it and then it will go to the Senate.
"Today's subcommittee action suggests that Congress will continue to support NCUA's authority regarding Central Liquidity Facility borrowing," said NCUA Chairman Michael E. Fryzel. "I am optimistic that the cap will be removed for the second consecutive fiscal year and that Congress will provide NCUA with the necessary tools to maintain liquidity in the credit union system."
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