[1] The Central Liquidity Facility was created by the U.S. Congress in 1998 with the National Credit Union Central Liquidity Facility Act, Subchapter III of the Federal Credit Union Act.
The primary purpose of the CLF is to provide loans to credit unions to meet short or long term liquidity needs.
The CLF may borrow up to 12 times its subscribed capital stock and surplus (12 USC 1795f(a)(4)(A)).
To become a member, credit unions purchase stock in the Central Liquidity Facility, at an amount equal to 1/2 of 1% of an average of six months of their unimpaired capital and surplus or $50 (whichever is greater).
[3] This article incorporates public domain material from the United States Government