Newsroom
SIF Committee to receive NCUA update on CLF changes
NAFCU's Share Insurance Fund (SIF) Committee meets today and members will hear directly from NCUA Central Liquidity Facility (CLF) President Owen Cole about the agency's interim final rule to facilitate access to the CLF. The NCUA issued the interim final rule earlier this month to provide relief in response to the coronavirus pandemic and to implement provisions under the CARES Act.
NAFCU last week sent members a Final Regulation Alert that highlighted key changes made by the interim final rule, noting that the rule specifically:
- eliminates the six-month waiting period for a new member to receive a loan;
- temporarily shortens the waiting period for a credit union to terminate its membership;
- eases collateral requirements on some assets; and
- allows, temporarily, for an agent member to borrow for its own liquidity needs.
The NCUA previously offered insights into accessing the CLF in its coronavirus FAQs and received a briefing on the facility during this month's board meeting.
In addition, the SIF Committee will receive a briefing on the NCUA’s Guaranteed Notes (NGN) program from NAFCU staff.
NAFCU's SIF Committee will next meet June 24.