CFF transparency, not!

by. Keith Leggett

I have been stonewalled by the National Credit Union Administration (NCUA) regarding two Freedom of Information Act (FOIA) requests for information about the Central Liquidity Facility (CLF).

The first FOIA was seeking a white paper submitted to Congress with recommendations to reform the CLF. Specifically, the Office of General Counsel’s 2013 Regulation Review states “NCUA prepared and submitted to Congress a whitepaper outlining certain recommendations for statutory changes that will enable CLF to move forward as a meaningful resource for the industry.”

The response from NCUA to this request was “[w]e have no responsive records.” In other words, the agency cannot find the document, which it acknowledges was prepared and submitted to Congress. I guess NCUA deleted the whitepaper after it was sent to Congress.

The second FOIA request was seeking transactional information regarding credit union borrowings from the Central Liquidity Facility through the Credit Union System Investment Program (CU SIP) and the Credit Union Homeowners Affordability Relief Program (CU HARP) between November 1, 2008 and May 15, 2009. The transactional information requested was the name of the credit union, the amount borrowed, the interest rate on the borrowing, date of the borrowing, and whether the borrowing is associated with CU SIP or CU HARP.

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