Liquidity

The central bank’s programs announced since mid-April in response to the coronavirus outbreak match if not exceed the actions it took during the 2007-9 financial crisis.

The Federal Reserve chairman pledged to use every tool at the central bank's disposal to limit the economic fallout from the coronavirus and urged lawmakers to take further action.

Rodney Hood, chairman of the National Credit Union Administration, says the agency's Central Liquidity Facility can be a vital backstop if a crisis occurs, but it will be stronger if more credit unions chip in to make it a success.

The central bank expanded the reach of the program as pressure mounts on the government to support localities struggling economically because of the coronavirus pandemic.

A credit union-specific liquidity backstop is far less popular than other options such as the Federal Reserve's discount window. The National Credit Union Administration wants to change that.

The central bank and other agencies have come under pressure to be transparent about their use of funds authorized by the recent pandemic rescue law.

The Senate Banking Committee chair will work with the heads of other panels in overseeing the $2 trillion stimulus package that Congress passed last month.

The National Credit Union Administration is giving lenders and borrowers extra time to complete appraisals to ensure mortgages are still being completed despite the pandemic.

The letter written by Rep. Maxine Waters, D-Calif., and Sen. Sherrod Brown, D-Ohio, was seen as a boost to Wall Street lobbying efforts seeking to quell the fallout of the coronavirus crisis on the mortgage market.

The National Credit Union Administration board unanimously approved changes to an interim rule regarding the regulator's Central Liquidity Facility.