WASHINGTON–With the National Defense Authorization Act (NDAA) now headed to a conference committee to iron out differences between the House and Senate versions, credit unions will be working behind the scenes this week to ensure language giving banks the same access as credit unions to military bases isn’t part of any compromise.
The House last week passed the NDAA for fiscal year 2020 absent language that would expand the Department of Defense’s (DoD) discretionary authority to waive the certain costs for land leases and fees. Despite credit union objections, the Senate version of the NDAA, which it passed on June 27, includes language allowing for potential expansion of the DOD’s exemption, but only for financial institutions that meet the same standards of credit unions eligible for the exemption.
Language that would provide banks with unconditional, rent-free access to military installations has appeared in the prior Congress as well, with credit unions ultimately able to defeat the change. CUNA, NAFCU, state leagues and the Defense Credit Union Council are all involved in lobbying to stop any change.
“We’re pleased CUNA, league and DCUC engagement resonated with House Members as this bill was drafted, introduced, marked up and now passed the House without any inclusion of language expanding rent-free access to military bases,” said CUNA President/CEO Jim Nussle in a statement. “Credit unions’ have a legacy of more than 70 years of service to military members and their families. We look forward to engaging further as this bill goes to conference committee to ensure the final version is free of any language that would change the DOD’s current exemption authority.”
Late last week, the House Financial Services Committee also voted to send to the full House two bills that seek to reform the major credit bureaus and also give consumers greater access to their credit reports, including the Improving Credit Reporting for All Consumers Act, which would require the CFPB to craft minimum standards for the credit bureaus and would give consumers the right to appeal credit reporting decisions.