WASHINGTON—The House Armed Services Committee should reject any bank attempts to share the land lease arrangement between the Department of Defense and credit unions, CUNA, NAFCU and the Defense Credit Union Council told the House Armed Services subcommittees, which begin markups of the FY23 National Defense Authorization Act (NDAA) this week.
The issue has become an annual one, with language introduced in legislation in one side of Congress that would give banks access to military bases similar to that given to credit unions, but absent in language from the other side of Congress. Credit unions in recent years have successfully lobbied to have that language removed in the final bill.
“While banks argue for ‘parity’ on this issue, the fact is that banks already can obtain leases at a nominal cost,” the letter reads. “Under the Military Leasing Act, 10 USC §2667, banks can demonstrate to DoD how they would use their lease to serve and provide value to the men and women of the base. However, banks still have not exercised this authority.
Demonstrates the ‘Fact’
“We believe last year’s House Armed Services Committee-directed DoD study will demonstrate this fact along with the many choices servicemembers have in finding and selecting a trusted financial institution,” the letter adds. “However, rather than seeking a productive solution available to them under current law, the bank lobby chooses to target their long-time nemesis credit unions in the process. As such, it is our hope the House Armed Services Committee will reject the inclusion of this provision in the NDAA should it surface once again this year.”
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