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The Importance of Contingency Funding Plans: Letter to Credit Unions Number 23 CU 06
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Contingency Funding Plans: An Open Letter from the National Credit Union Administration
In this episode, Samantha Shares discusses the National Credit Union Administration's letter concerning the importance of Contingency Funding Plans for credit unions. The letter, sent amidst financial strain in 2023, reminds credit unions to maintain viable contingency funding plans for a range of possible stress scenarios. Institutions are advised to assess their funding stability and operational readiness to access contingency lines. The episode also mentions how institutions can use the Federal Reserve's Discount Window and the Central Liquidity Facility in their contingency planning, and highlights the different requirements for institutions based on their size. This episode, sponsored by Credit Union Exam Solutions, is educational and does not serve as legal advice.
00:00 Introduction and Sponsorship
00:43 Reading of the NCUA Letter
00:48 Importance of Contingency Funding Plans
02:10 Addendum to the Interagency Policy Statement
04:49 Contingency Funding and the Federal Reserve Discount Window
06:03 Credit Union Contingency Funding and the Central Liquidity Facility
07:31 Conclusion and Sponsorship Reminder
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