WASHINGTON—An attempt to amend the Federal Credit Union Act—which had the support of the nation’s largest credit union but was opposed by just about all other CUs—has not been included in the House version of the National Defense Authorization Act (NDAA) for Fiscal Year 2025.
That legislation has now been advanced by the House Rules Committee after consideration of the more than 1,300 proposed amendments.
The House adopted a rule to proceed to the measure by a 208-207 vote.
America’s Credit Unions noted the Sessions Amendment, which proposed in the Rules Committee to amend the Federal Credit Union Act to ensure the Overseas Military Banking Program has federal share insurance, was not included in the amendments made in order under the Rule and will not be considered by the full House.
The Change Being Sought
As CUToday.info has been reporting, most recently here , Navy FCU was seeking to amend the FCU Act so that deposits at The Community Bank that it operates on overseas military installations could fall beneath the NCUSIF. Those deposits are currently insured by private deposit insurer Excess Share Insurance, Dublin, Ohio.
The House will now proceed to consider the more than 250 amendments made in order by the rule on the bill. A final vote on the bill is expected today.
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