WASHINGTON–The National Defense Authorization Act (NDAA), the huge bill before Congress credit unions are hoping will carry some of their favored legislation, has become bogged down in part because of the very provisions CUs support.
The NDAA is one of the very few bills expected to pass the current lame duck session of Congress and as a result it has had countless amendments added and removed during negotiations on Capitol Hill. That includes the SAFE Banking Act, which is strongly supported by credit unions and which would remove federal prohibitions on providing financial services to cannabis-related businesses in states in which pot has been legalized.
But that, in turn, has led to opposition from some of the strongest players in Washington, including Senate Minority Leader Mitch McConnell (R-KY).
Referring to the various provisions some are seeking to attach, McConnell said, “We’re talking about a grab bag of miscellaneous pet priorities, like making our financial system more sympathetic to illegal drugs or permitting reform in name only that’s already failed to pass the Senate earlier this year,”
Senate Majority Leader Chuck Schumer (D-NY) said he is hopeful of continuing to work with the Republicans to get the defense funding bill passed.
What CUs Want, Don’t Want
Credit unions would also like to see language related to extending lending authorities granted to NCUA’s Central Liquidity Facility included in the NDAA or, perhaps, any funding bill for the federal government, while opposing the addition of any language that would give banks equal access to military base leases or give NCUA third party vendor oversight authority.