Corporate Credit Unions Join CLF, Increasing Loan Liquidity by Over $13 Billion

All 11 corporate credit unions have joined the NCUA Central Liquidity Facility, a move that will allow thousands of credit unions to apply for loans through the CLF, the NCUA announced Monday.

It will allow CLF coverage to be extended to more than 3,700 credit unions and increase the facility’s borrowing capacity by more than $13 billion, according to agency officials. All credit unions with assets of less than $250 million that are members of a corporate credit union are now eligible to apply for a loan from the CLF.

IG Says SBA Failed to Issue Guidance to Ensure PPP Loans Reach the Most Needy

The Small Business Administration has failed to issue guidance to lenders to help ensure that pandemic Paycheck Protection Program Loans reach the businesses that most need them, as required by federal law, the SBA’s Inspector General said in a report issued late Friday.

In addition, since the agency has failed to require the collection of demographic information about borrowers, officials cannot determine if the loans are reaching businesses that need the funds.

Will Trump Replace McWatters?

With the pandemic crisis taking up so much time and energy, it is understandable that people may forget about the everyday nuts and bolts of government.

Consider, for example, the NCUA board. The term of board member J. Mark McWatters expired in August. Sources in the credit union community said they have not heard any discussion of replacing him.