WASHINGTON—With Congress out for October recess, discussions are getting underway this month to craft a final version of the FY2025 National Defense Authorization Act (NDAA) that Congress will vote on when it returns for a post-election lame-duck session.
America’s Credit Unions has joined with a number of state leagues to write lawmakers on the NDAA discussions, urging them to reject any amendments that stand to place new “burdens and hardships” on credit unions, ACU said.
In a letter to House and Senate Armed Services Committee leaders, ACU said the credit union organizations outlined potential concerning amendments they oppose.
These include:
- Expanding interchange price caps, including any efforts to attach the Credit Card Competition Act to the FY25 NDAA
- Amendments that would add military banking matters, which could upset the current balance the Department of Defense has found with on-base financial services for its members
- Any amendments related to credit union-opposed legislation that would make changes to the Electronic Funds Transfer Act (EFTA) to expand credit union liability for payments related fraud
The organizations noted that none of these proposals were included in the House-passed or Senate committee-approved versions of the bill that are the basis for discussions and thus should not be added to the final version of the NDAA.