Central Liquidity Facility Enhancement Act

Bill: 117-hr-3958
Sponsor: full_name: Rep. Waters, Maxine [D-CA-43]
Introduced: 2021-06-16
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation
Latest action: action_date: 2021-06-23
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 22.

Summaries:
action_date: 2021-06-16
action_desc: Introduced in House
text: <p><strong>Central Liquidity Facility Enhancement Act </strong></p> <p>This bill permanently extends waivers applicable to the National Credit Union Administration Central Liquidity Facility with respect to membership, credit extension, and borrowing requirements. Currently, these waivers expire on December 31, 2021. The facility extends credit to member credit unions experiencing liquidity shortfalls. </p> <p>Specifically, the bill </p> <ul> <li>increases the facility's maximum borrowing authority, </li> <li>allows corporate credit unions to borrow for additional purposes, </li> <li>expands agent memberships, and</li> <li>revises the requirements for loan approval.</li> </ul>

tv_txt: I 117th CONGRESS 1st Session H. R. 3958 IN THE HOUSE OF REPRESENTATIVES June 16, 2021 Ms. Waters (for herself, Mr. Sherman , and Mr. Perlmutter ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the CARES Act to make certain enhancements to the Central Liquidity Facility permanent.

1. Short title This Act may be cited as the Central Liquidity Facility Enhancement Act . 2. Permanent extension of enhancements Effective on the date of enactment of the CARES Act— (1) section 4016 of the CARES Act ( 12 U.S.C. 1795a note) is amended by striking subsection (b); and (2) section 307(a)(4)(A) of the Federal Credit Union Act ( 12 U.S.C. 1795f(a)(4)(A) ) is amended by striking twelve times the subscribed capital stock and surplus of the Facility, provided that, the total face value of such obligations shall not exceed 16 times the subscribed capital stock and surplus of the Facility for the period beginning on the date of enactment of the Coronavirus Economic Stabilization Act of 2020 and ending on December 31, 2021 and inserting 16 times the subscribed capital stock and surplus of the Facility .