NCUA Board Member Todd Harper encouraged credit unions to join the Central Liquidity Facility (CLF) and outlined the agency’s priorities during the pandemic last week in a call with CUNA’s Examination and Supervision Subcommittee. NCUA released Harper’s remarks Thursday.

The CARES Act, legislation passed to help with COVID-19 relief, makes joining the CLF easier, eases some restrictions on getting a liquidity loan and temporarily increased the capacity of the CLF.

“By joining the CLF, you will be demonstrating the best of the cooperative nature of the credit union movement. That is because every member who joins the Central Liquidity Facility will exponentially increase the capacity of the CLF to provide liquidity to others within the system,” Harper said. “Even if your credit union ultimately does not use the CLF in the coming months, your support for the CLF may help another credit union with significant liquidity needs to survive.”

According to Harper, NCUA’s priorities during the pandemic are:

• Protect the health and safety of NCUA staff and contractors in order to maintain the agency’s mission and complete essential functions;
• Assess the impact of COVID-19 on credit union members and operations. NCUA’s initial assessment of the operational needs and performance of the credit unions generally found that federally insured credit unions are open, lending and serving members’ needs; and
• Assess how COVID-19 will affect the financial condition of credit unions going forward so NCUA can allocate staff resources and protect the National Credit Union Share Insurance Fund.

During the call, Harper also listened to credit union stories about serving members, accessing Paycheck Protection Program funds and other information about the state of credit unions.