WASHINGTON – The Senate yesterday passed a spending bill for the remainder of the fiscal year, which will allow the emergency credit union loan fund, the Central Liquidity Facility, to tap into $41 billion of government subsidized loans through Sept. 30.
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Without the additional authority the CLF funding would have dropped back to $1.5 billion, where it stood till last September, when Congress raised the funding on an emergency basis.
Since then, the CLF has become the main engine of credit union financial aid, providing almost $2 billion in short-term loans to natural person credit unions, $5 billion in assistance to the corporates, and another $164 million in mortgage funding for credit unions.
