Chairman Crapo Introduces Language to Extend the CLF

Posted by Ben Shuey on August 4, 2020

Moments ago Senator Crapo (ID – R) the Chair of the Senate Banking Committee introduced an amendment that includes top credit union priorities including the extension of temporary authority granted to the the NCUA in the CARES Act. The language would allow the NCUA to extend the additional borrowing powers granted to the Central Liquidity Facility until December, 31 2022. 

It also includes helpful language on the Temporary Debt Restructuring provisions that financial services have been asking for. 

The amendment also extend capital relief for banks and we will continue to work closely with his office on credit union priorities including capital relief. Congressional leadership negotiations are still ongoing for the next COVID relief package. It is unclear if the Senate will take up the amendment, but it does outline the Chairman’s priorities in the next phase of legislation. 

Posted in Advocacy on the Move.