The National Credit Union Central Liquidity Facility (the Facility), a mixed-ownership government corporation within the NCUA, serves as a liquidity source for its member credit unions. The NCUA Board is issuing this rule to permit the Facility to take, in lieu of a blanket security interest, a first priority security interest in specific assets of the credit union with a net book value at least equal to 110% of the amounts owed on the Facility advance or Agent loan. The final rule will provide credit unions with greater flexibility in their normal operations while ensuring that the Facility is adequately protected for any loans that it makes.