Central Liquidity Facility

A mixed-ownership government corporation, the Central Liquidity Facility (CLF) was 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 CLF’s president manages the facility under the oversight of the NCUA Board.


Enacted on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act brings important changes to the CLF. The CARES Act made four amendments to Subchapter III of the Federal Credit Union Act. On December 27, 2020, the Consolidated Appropriations Act extended each of the amendments, and they will sunset or expire on December 31, 2021. These include:

  • Increasing the CLF’s maximum legal borrowing authority;
  • Permitting temporary access for corporate credit unions, as agent members, to borrow for their own needs;
  • Providing greater flexibility and affordability to agent members to join and serve smaller groups of their covered institutions than their entire memberships; and
  • Providing the NCUA board with more clarity and flexibility regarding the loans it can approve by removing the phrase, “the Board shall not approve an application for credit the intent of which is to expand credit union portfolios.”

Additionally, the NCUA Board approved on April 13, 2020 an interim final rule (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) of Part 725 of the NCUA’s Rules and Regulations that cohered the NCUA’s CLF regulation with the changes made by the CARES Act. The April 2020 interim final rule also provided additional enhancements to the CLF including:

  • Eliminating the six-month waiting period for a new member to receive a loan;
  • Temporarily amending the waiting period for a credit union to terminate its membership; and
  • Easing collateral requirements for certain assets securing loans.

The Board is evaluating the possibility of undertaking additional regulatory action to further cohere the CLF regulation with the new dates in the Consolidated Appropriations Act, 2021, and address the temporary change to the waiting period for credit unions to terminate their membership in the CLF.

Credit unions are encouraged to join the CLF as soon as possible. Membership is voluntary and open to all credit unions that purchase a prescribed amount of stock. There are two types of membership: regular members and agent members. Credit unions may borrow from the CLF if they are a regular member, or are covered by an agent member — a corporate credit union.

Additional Information

The NCUA is committed to providing a site that is accessible to the widest possible audience, regardless of technology or ability. In the meantime, should you need assistance with the content on this page, please contact the CLF staff at 703.518.6428. Staff will return voicemails by the next business day.


NCUA Central Liquidity Facility
1775 Duke Street
Alexandria, VA 22314

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