Chairman Fryzel’s Statement Regarding Continued CLF Borrowing Authority
March 12, 2009, Alexandria, VA ––“I am gratified that President Obama and the Congress have continued to provide NCUA with the latitude to deal with ongoing difficulties in the corporate credit union sector. The removal of the Central Liquidity Facility lending cap through September means that stabilization efforts will remain in place, and credit unions will be able to step forward to assist the corporate network at this crucial juncture.”
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 89 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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