The COVID Project
The record
- Jurisdiction
- United States; National Credit Union Administration (federal)
- Level
- Federal
- Authority
- 12 U.S.C. § 1795f(a); CARES Act § 4016
- Issued
- 2020-04-29 Apr. 29, 2020
- Effective
- 2020-04-29
- End
- 2020-12-31 (CARES Act sunset of the temporary enhancements; later extended by Congress to Dec. 31, 2021) (read as 2020-12-31)
- In force
- Apr. 29, 2020 to Dec. 31, 2020
- Quarters
- 2020 Q22020 Q32020 Q4
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- federally insured credit unions and corporate credit unions
- Functions reached
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
[The Board is] issuing this interim final rule to provide credit unions with greater access to liquidity to help ensure they remain [able to meet member needs, implementing the] recently enacted CARES Act, which [enhanced the Facility's membership and borrowing authority].... [The] CARES Act specifically sunsets these [enhancements] on December 31, 2020.
Enforcement
Notes
Context: the liquidity backstop Congress and the NCUA built for credit unions facing deposit and lending volatility during the closure orders
Retrieval noteFederal Register PDF read; bracketed words reconstruct column-garbled text.