WASHINGTON – The House is expected to vote on an overall spending bill tomorrow that will include an extension of the funding limit for the emergency credit union loan fund, the Central Liquidity Facility, until Sept. 30.
The bill would extend the current funding level of $41 billion until the end of the federal government’s current fiscal year. Congress increased the CLF funding on an emergency basis from $1.5 billion last September, but that funding is scheduled to expire March 5 unless Congress acts to extend it.
Since September the CLF has become the main focus of assistance for troubled credit unions.
NCUA has asked Congress to extend the higher limit until the end of 2010, but the addition of another year will have to wait until consideration of another spending bill, probably later this year.
