WASHINGTON—Credit unions, their trade groups and the Defense Credit Union Council will be watching this week to see if the Senate will consider the FY2022 National Defense Authorization Act (NDAA), which also contains language that would allow financial institutions to provide services to cannabis businesses in states in which voters have OK’d various pot laws.
The key issue in the NDAA for credit unions this year, as it has been for the past several years, is ensuring the NDAA preserves the Department of Defense’s (DoD) discretionary authority to allow credit unions to use land and space on military bases at a nominal rate.
“There is some speculation that the defense authorization bill will be considered this week,” said CUNA Chief Advocacy Officer Ryan Donovan.
At the center of attention is the language that will come out of the conference committee that will work to settle differences between the House and Senate versions of the bill. The House version includes the CU-backed language that essentially maintains the status quo on military base leases. The Senate version would grant banks similar access; the latter language was eliminated in conference committees in prior sessions of Congress.
Serving Pot Biz
Meanwhile, also included in the NDAA is the SAFE Banking Act, which would remove federal prohibitions around financial institutions providing services to cannabis-related businesses.
NAFCU VP-Legislative Affairs Brad Thaler said he believes this could be the year the CU-supported cannabis bill makes it through Congress.
“We think because the NDAA is one bill that (the SAFE Act language) could pass this year,” said Thaler. “It is on a train that’s moving, so we think it has as good a a chance as we’ve seen. But it’s not definite. We are supportive and optimistic, but by no way is that any guarantee.”
Also On Agenda This Week
Also on the agenda this week is H.R. 5376, the Build Back Better Act, as well as a nomination hearing for Graham Steele to be undersecretary of the Treasury.
Other meetings CUNA and NAFCU will be watching this week include:
Tuesday
- The House Financial Services Committee will markup several important bills, including the Fair Hiring in Banking Act
- The House Oversight and Reform Committee will hold a hearing on strategies to crack down on ransomware attacks and cyber threats
- The House Small Business Committee will hold a discussion with Small Business Administration (SBA) Isabella Casillas Guzman on the SBA’s vision for small businesses post-pandemic
Wednesday
- The Senate Joint Economic Committee will meet to discuss digital assets, including cryptocurrency
Thursday
- The Senate Banking, Housing, and Urban Affairs Committee will hold a nomination hearing for Dr. Saule Omarova to be Comptroller of the Currency