[Congressional Record Volume 169, Number 38 (Tuesday, February 28, 2023)]
[Senate]
[Page S533]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. PADILLA (for himself and Mr. Cramer):
  S. 544. A bill to amend the Federal Credit Union Act to provide a 
sunset for certain ways in which credit unions may be Agent members of 
the National Credit Union Administration Central Liquidity Facility; to 
the Committee on Banking, Housing, and Urban Affairs.
  Mr. PADILLA. Madam President, I rise to speak in support of the 
bipartisan bill that I introduced today with Senator Cramer to help 
ensure the financial stability of smaller credit unions.
  Congress created the Central Liquidity Facility in 1978 to improve 
the general financial stability of credit unions by serving as a 
liquidity lender to credit unions experiencing unusual or unexpected 
liquidity shortfalls.
  Unfortunately, under current law, smaller credit unions often do not 
have access to this critical tool that could help them address 
liquidity shortfalls, especially amid higher interest rates.
  That is why I am proud to introduce this bipartisan legislation with 
Senator Cramer to allow corporate credit unions to buy Central 
Liquidity Facility capital stock for a chosen subset of its members 
rather than all of its members for the next 3 years. This would provide 
greater flexibility for smaller credit unions to use the Central 
Liquidity Facility's services.
  I hope my colleagues will join me in support of this bill to meet the 
needs of our Nation's 6,000 credit unions and the communities they 
serve.
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