WASHINGTON–The House has passed the passed the FY 2022 National Defense Authorization Act (NDAA) without language that would have given banks access to military bases on par with the cost waivers currently available to many credit unions, but with two other provisions that had credit union support.
The two key policies incorporated in the bill that had the support of the CU trade groups includes:
- Remote notary: An amendment authored by Representatives Madeleine Dean (D-PA), Kelly Armstrong (R-ND), Michael Turner (R-OH), Ed Perlmutter (D-CO), and Reschenthaler (R-PA) would authorize the use of use remote online notarization and create national standards and protections for its use.
- The SAFE Banking Act: The Secure And Fair Enforcement (SAFE) Banking Act was included in the FY22 NDAA and would “put in place necessary protections to bring revenue from state-sanctioned cannabis businesses into the financial services mainstream and, as a result, keeping communities safe,” CUNA said.
Meanwhile, CUNA stated that “most notably,” the FY22 NDAA does not include language that would expand banks’ access to military bases. “In recent years, banking trade associations have falsely equated a parity in such access with a parity of service to people in uniform and their families,” CUNA said.
‘Commonsense Provisions’
“CUNA, the leagues, and credit unions across the country have been tireless advocates for these two commonsense provisions that will benefit consumers, communities, and small businesses, and to maintain the existing arrangement that allows credit unions to continue outstanding service to military members and their families,” said CUNA President/CEO Jim Nussle. “This is a result of bold, fierce advocacy from the CUNA-league system, as we successfully demonstrated credit unions’ value to their members and communities.”
CUNA, NAFCU and the Defense Credit Union Council have all fought the provision that would have given banks access to bases.