Learn More about Coming Changes in Central Liquidity Facility Ownership and the Proposed Rule on Access to Emergency Liquidity
ALEXANDRIA, Va. (Aug. 1, 2012) – The National Credit Union Administration (NCUA) will host a free webinar—“CLF and Your Credit Union’s Contingent Liquidity”—Tuesday, Aug. 14, beginning at 2 p.m. EDT. Central Liquidity Facility (CLF) President Owen Cole will discuss coming changes in the ownership of the CLF, the CLF’s role in meeting credit unions’ contingent liquidity needs, and issues around the proposed rule on access to emergency liquidity.
The CLF is a mixed ownership government corporation created to improve the general financial stability of credit unions by serving as a liquidity lender to credit unions experiencing unusual or unexpected liquidity shortfalls. With the scheduled closing of U.S. Central Bridge Credit Union in late October, more than 6,000 credit unions will lose access to the CLF. Credit unions need to plan for this change.
At the July 24 open meeting, the NCUA Board approved a proposed rule on emergency liquidity. The proposed rule incorporates a three-tiered approach, based on the size of the federally insured credit union’s assets, and is available at http://go.usa.gov/GCX. Interested parties have until Sept. 28, 2012, to submit comments.
Before the webinar, participants are encouraged to review the Frequently Asked Questions about the CLF. NCUA will distribute these questions in a Letter to Credit Unions during the next week. NCUA makes Letters to Credit Unions available at http://go.usa.gov/GTr. Participants can also submit questions in advance at WebinarQuestions@ncua.gov. The subject line should read “CLF and Your Credit Union’s Contingent Liquidity.”
Registration for the free NCUA webinar on liquidity issues is now available at http://event.on24.com/r.htm?e=500641&s=1&k=1645693918022800D0084228273B707A. This link will also be used to log into the webinar after participants have registered. Registrants should allow pop-ups from this website.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.