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Central Liquidity Facility (CLF)

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. Member credit unions own the CLF which exists within the NCUA. The President of the CLF manages the facility under the oversight of the NCUA Board.

Membership is voluntary and open to all credit unions that purchase a prescribed amount of CLF stock. There are two types of membership, regular (natural person credit unions) and agent (corporate credit unions).

Natural person credit unions may borrow from the CLF either directly as a regular member or indirectly through an agent member.

Information for Credit Union Homeowners Affordability Relief Program (CU HARP) and Credit Union System Investment Program (CU SIP):

NCUA Audio Webcast:  Overview of CU HARP and CU SIP – December 16th 2008

NCUA Audit Webcast:  CLF Policy and Stock Ownership

 

CU HARP

• Extension of subscription period to December 29, 2008
• CU HARP Diagram 12/11/2008
• CU HARP Overview (CU HARP Overview 12/12/08)
• CU HARP Term Sheet 12/09/2008
• CU HARP Allocation Formula 12/09/2008
• CU HARP Corporate Agreement
• Attachment to CU HARP Corporate Agreement: CU HARP Term Sheet
• CU HARP Subscription Form; PDF or MS Word
• Attachment to CU HARP Subscription Form: CU HARP Participating Credit Union Progress Report
• Attachment to CU HARP Subscription Form: CU HARP Term Sheet
• CU HARP Participating Corporate Credit Unions:
• U.S. Central Federal Credit Union
• Western Corporate Federal Credit Union
• Members United Corporate Federal Credit Union
• Southwest Corporate Federal Credit Union
• CU HARP Loan Level Reporting Workbook

CU SIP

• CU SIP Diagram 12/11/2008
• CU SIP Overview (CU SIP Overview 12/12/08)
• CU SIP Notes Term Sheet 12/09/2008
• CU SIP Allocation Formula 12/09/2008
• CU SIP Corporate Agreement
• Attachment to CU SIP Corporate Agreement: CU SIP Term Sheet
• CU SIP Subscription Form; PDF or MS Word
• Attachment to CU SIP Subscription Form: CU SIP Term Sheet
• CU SIP Participating Corporate Credit Unions

Other Forms

• Guaranteed Term Obligation Facilitation Agreement - (Agreement between U.S. Central and a Corporate to facilitate the issuance and administration of Guaranteed Term Obligation pursuant to CU HARP and CU SIP)
• Authorization Form - (To be executed by natural person credit union along with CU HARP or CU SIP Subscription Form)

 

Recent CLF Lending Activity:

Year	Gross Original Extensions of Credit
2004	$0
2005	$0
2006	$4.1 million
2007	$0
2008	$2.8 billion

 

For further information on the Central Liquidity Facility see:

• Frequently Asked Questions -PDF
• Operating Circular 99-1: Agent Lending Procedures -PDF
• Operating Circular 99-2: Regular Member Facility Advances -PDF
• 12 CFR Part 725 - CLF IRPS 01-2 (Central Liquidity Facility Advance Policy)
• National Credit Union Central Liquidity Facility Act, Subchapter III of the Federal Credit Union Act - PDF
• Central Liquidity Facility, Part 725 of the National Credit Union Administration Rules and Regulations -PDF

For more information on the CLF Please Contact:

Office of Capital Markets and Planning

J. Owen Cole, Jr., President               703 518-6620
Kim Iverson, Vice President               703 518-6624
Vacant, Facility Loan Officer
Vicki O'Hara, Financial Analyst           703 518-6391

Monthly CLF Reports