Loans to Credit Unions
Date:
December 11, 2008
Policy Area:
Financial Sector Policy
Economic Target:
Financial Institutions
Action Type:
Loans
Maximum Amount:
$41.00 billion
Amount Spent:
$10.00 billion Loans from the National Credit Union Administration’s Central Liquidity Facility to subsidize funding to help credit unions modify mortgages and to facilitate lending by financing corporate credit unions. Loans split equally between U.S. Central and WesCorp ($5 billion lent to each).
Notes:
NCUA is the National Credit Union Administration. Deficit impact is unknown.
Amount spent indicates money spent as of 8/7/2009. See tables appended to CBO Director Douglas Elmendorf's Congressional testimony on 1/28/2009: http://budget.senate.gov/democratic/testimony/2009/01-28-FinancialMarkets_Testimony.pdf