Alex Padilla: “I rise to speak in support of the bipartisan bill that I introduced today with Senator Cramer to help ensure the…”

“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. ______”