The Federal Home Loan Bank system, which has emerged as a critical CU backstop, has made a pitch to National Credit Union Administration (NCUA) that could tap the movement for tens of billions of dollars in new funds.

In a letter to NCUA, the 12 FHLBs urged the agency to add them to the short list of emergency liquidity providers, a move that could spur hundreds more CUs to take out membership in one of the regional FHLBs.

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