A bill to amend the Federal Credit Union Act in order to improve the efficiency and flexibility of the financial system of the United States by establishing within the National Credit Union Administration a Central Liquidity Facility for Federal and State credit unions, and for other purposes.

Summary

National Credit Union Central Liquidity Facility Act - Establishes the National Credit Union Central Liquidity Facility to provide funds to meet the liquidity needs of credit unions. Vests management of the Facility in the National Credit Union Administration. Declares the initial capitalization of the Facility shall be by stock subscription consisting of shares having par value of $50 each. Entitles any member of the Facility to apply on a form prescribed by regulations for advances. Authorizes the Administration to deny or grant any application upon such terms as it may prescribe by regulations. Authorizes the Secretary of the Treasury to lend the Facility up to $500,000,000 to enable it to meet the obligations arising under this Act. Directs the Administration to prepare and submit to the President and to the Congress annually a full report on the activities of the Facility for the previous year. Directs the Comptroller General to audit the Central Liquidity Facility.

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Documents

1 official file

• Introduced in House

  summary · EN · 6 March 1978

  Open at official source

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