The U.S. Capitol
Rep. Maxine Waters (D-Calif.) introduced two pieces of credit union-supporting legislation on Thursday that are being mostly praised by industry leaders. The bills support enhancing the Central Liquidity Facility and expand fields of membership for credit unions.
The two pieces of legislation introduced were the Central Liquidity Facility (CLF) Enhancement Act (H.R. 10510) and Expanding Financial Access for Underserved Communities Act (H.R. 10510).
The CLF Enhancement Act aims to make permanent the temporary reforms to the NCUA’s CLF that were enacted during the pandemic, but expired in 2021. NCUA Board Chair Todd Harper has been calling on Congress to reinstate the CLF reforms since its expiration.
The reforms are designed to give small credit unions easier access to emergency liquidity through the CLF during a crisis.
In a statement Friday, the Defense Credit Union Council (DCUC) said the CLF legislation would provide “enhanced access to liquidity during financial uncertainty; greater financial stability for the credit union system; critical support for small and community-based credit unions; and specific benefits for military families and underserved communities.”
America’s Credit Unions said it also supports the CLF legislation.
In a letter filed Friday morning with leaders of the U.S. House of Representatives, DCUC Chief Advocacy Officer Jason Stverak laid out nine benefits of expanding the CLF. The nine items included:
- Enhanced Access to Liquidity During Economic Uncertainty;
- Increased Stability for the Financial System;
- Strengthening Financial Resilience for Military;
- Support for Small and Community Credit Unions;
- Proactive Financial Preparedness;
- Support for Member Communities;
- Preventing a Future Crisis;
- Fostering Growth and Competition; and
- Strengthening Regulatory Flexibility.
America’s Credit Unions stated it supports a portion of this legislation, but “has concerns regarding new provisions related to requirements for large credit unions that add underserved areas.”
Stverak said, "These bills represent a vital step forward for credit unions and the communities they serve. The CLF Enhancement Act ensures that credit unions can maintain the liquidity needed to support their members during times of financial stress, while the Expanding Financial Access for Underserved Communities Act allows us to extend our reach to those who need it most. DCUC is proud to have advocated for these measures and will continue working with policymakers to advance solutions that strengthen our industry and empower our members."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
