WASHINGTON—As members of Congress return to their home districts ahead of the July 4 holiday, NAFCU is urging credit unions – especially defense credit unions – to connect with their lawmakers.
As CUToday.info reported, late last week, the Senate passed its version of the 2020 National Defense Authorization Act (NDAA). It included a banker-sought provision that treats big banks the same as not-for-profit credit unions, NAFCU noted.
NAFCU said it advocacy team has been active on the issue, reaching out to its members and encouraging credit unions to oppose the provision.
‘Negatively Impact Credit Unions’
In its current state, the provision in the Senate’s NDAA version would require the Department of Defense to treat Wells Fargo and other big banks the same as not-for-profit credit unions when it comes to leases on military installations, NAFCU said.
“While credit unions leaders and professionals across the country make their voices heard at home, NAFCU will take up the fight in Washington, D.C., meeting with congressional staff to continue to explain how the provision could negatively impact credit unions,” the trade association said.
Both House and Senate versions of the NDAA must be reconciled during a conference committee featuring members of both chambers.
“NAFCU expects a conference committee to be formed within the next few months and is advocating for the conferees to strike this provision,” the trade association said.
Also on Agenda
Also on this week’s agenda:
- NCUA and other federal agencies' final rule to implement private flood insurance provisions, which provides relief to credit unions took effect Monday.
- Today, NAFCU's Chief Economist and Vice President of Research Curt Long and Senior Counsel for Research and Policy Andrew Morris will meet with the NCUA's Office of National Examination and Supervision.