Sens. Alex Padilla, D-Calif., and Kevin Cramer, R-N.D.—in coordination with CUNA, the California Credit Union League, and Dakota Credit Union Association—called for an extension of enhancements to the National Credit Union Administration’s Central Liquidity Facility to be included in the FY23 Senate National Defense Authorization Act.
The 2020 CARES Act made enhancements to CLF borrowing authority and membership requirements to help aid credit unions facing liquidity shortfalls due to the pandemic.
The enhancements are scheduled to expire at the end of 2022. The Senators called for language in the House-passed NDAA extending the increased borrowing authority and the membership and borrowing requirements to be included in the Senate version.
“To support our nation’s 5,000 credit unions and the communities they serve, we urge you to include a one-year extension of the CLF enhancements in any year-end legislative package,” Padilla and Cramer wrote.
Extension of CLF flexibility is one is a top CUNA-League priority for the remainder of the 117th Congress. CUNA noted its importance in a letter sent to all 535 members of Congress last week.