Central Liquidity Facility Enhancement Act

Section 302(1) of the Federal Credit Union Act (12 U.S.C. 1795a(1)) is amended, in the matter preceding subparagraph (A), by striking primarily serving natural persons.

Section 304(b)(2) of the Federal Credit Union Act (12 U.S.C. 1795c(b)(2)) is amended by striking all those credit unions and inserting such credit unions as the Board may in its discretion determine.

Section 306(a)(1) of the Federal Credit Union Act (12 U.S.C. 1795e(a)(1)) is amended, in the second sentence, by striking the intent of which is to expand credit union portfolios and inserting without first having obtained evidence from the applicant that the applicant has made reasonable efforts to first use primary sources of liquidity of the applicant, including balance sheet and market funding sources, to address the liquidity needs of the applicant.

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.

The Comptroller General of the United States shall carry out a study of the impact of the enhancements made to the National Credit Union Administration Central Liquidity Facility by section 4016 of the CARES Act and section 2 of this Act.

Not later than the end of the 12-month period beginning on the date of enactment of this Act, the Comptroller General shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing—

(1) all findings and determinations made in carrying out the study required under subsection (a); and

(2) any administrative or legislative recommendations of the Comptroller General to improve the effectiveness of the National Credit Union Administration Central Liquidity Facility.