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B-204227 1 (1981-10-21)

handle is hein.gao/gaobadjvi0001 and id is 1 raw text is: oECISIdN FILE: B-204227 THE COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON. 0. C. 20548 DATE: October 21, 1981 MATTER OF: National Credit Union Administration - Central Liquidity Facility DIGEST: The National Credit Union Administration (NCUA) has authority under 12 U.S.C. § 1795f to issue its own debt obligations on behalf of the NCUA Central Liquidity Facility (CLF). However, the debt obligations NCUA issues on behalf of the CLF would not be general obligations of the United States supported by the full faith and credit of the Federal Government. The statutory language, considered together with its legislative history, demon- strates that Congress did not intend that borrowings on behalf of CLF be backed by the full faith and credit of the United States. This decision is in response to a request from the National Credit Union Administration (NCUA) for a legal opinion concerning its authority to offer in the public credit markets, certain debt instruments for the purpose of funding activities of the NCUA Central Liquidity Facility (CLF). Specifically, the NCUA requests our concurrence in its position that: (1) the National Credit Union Administration has authority under the Federal Credit Union Act, as amended, to issue debt obligations on behalf of the Central Liquidity Facility; and that (2) such obligations shall, when duly executed and authenticated and delivered to the purchasers thereof against payment of the agreed consideration therefore, constitute legal, valid and binding general obligations of the United States of America in accordance with their terms and shall be backed by the full faith and credit of the United States of America. For the reasons given below, we concur in NCUA's position regarding the first question, but do not concur in its position regarding the second question. The NCUA was established by Congress in 1970 pursuant to Pub. L. No. 91-206, 84 Stat. 49, March 10, 1970, 12 U.S.C. § 1752a, as an independent agency within the executive branch of the Government. The basic responsibility of the NCUA is to administer the provisions of the Federal Credit Union Act, as amended, 12 U.S.C. §5 1751-1795. f/(~7O7

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