As temporary Central Liquidity Facility (CLF) flexibility expires at year-end, the New York Credit Union Association on Monday urged legislators to keep the omnibus bill open while the House Financial Services and Senate Banking Committee leaders finalize this critical financial services package.

The CLF must be extended to ensure credit unions with less than $250 million in assets can maintain access to the CLF through corporate credit unions, Association leadership stated in a memorandum to Sen. Chuck Schumer on Monday.

“Regulatory flexibility is key to ensuring credit unions can continue doing what they do best — providing quality financial products to members. The CLF is a vital liquidity lifeline for credit unions as inflation drives interest rate pressures,” the memo states. “As credit unions recover from economic volatility, CLF flexibility can aid small credit unions in balancing operational liquidity needs and critical member service and financial needs.”

Congress is expected to vote on the omnibus bill this week.