CU Victory: NDAA Protects Rent-Free Access on Military Bases

Capitol Hill in Washington, D.C.

Credit unions won a decisive victory yesterday afternoon as the House and Senate released the compromised language for this year’s National Defense Authorization Act (NDAA).

Credit unions have been fighting a provision that would allow banks the same rent-free treatment that the credit union industry receives for serving military bases (see the "Congress and NDAA: Bipartisan Group Stands Up for CUs" story from September).

The Senate, passing this provision in its bill, formerly dropped the position in conference committee, which allowed adoption of the House stance. The House opposed its inclusion and credit unions have prevailed.

This is another major victory for credit unions, especially those in California and Nevada that have led the charge. Eariler this year, Reps. John Garamendi (D), Jackie Speier (D), and Paul Cook (R) led a bipartisan group of 50 members of Congress in opposing this provison. Garamendi and Speier are the two subcommittee chairs for where the jurisidiction of the issue is considered.

The NDAA will be up for consideration in the coming days. The bill also contains a beneifcial ownership provision that the banking industry has supported as it relates to the Bank Secrecy Act (BSA).

The California and Nevada Credit Union Leagues would like to thank all credit unions that provided support on this issue!

Pin It