WASHINGTON—The Senate has passed its version of the fiscal year 2021 National Defense Authorization Act (NDAA).
Unlike its House-passed counterpart, the Senate did not add an amendment to make reforms to the Bank Secrecy Act (BSA)/anti-money laundering (AML) regime and kept a credit union-opposed provision related to nominal leases on military bases included in the bill, NAFCU reported.
Language in the Senate bill would require the Department of Defense (DoD) to treat for-profit banks as not-for-profit institutions, so banks can obtain the same no-cost land leases as CUs.
CUNA expressed disappointment the Senate bill passed with language favorable to banks.
“We’re disappointed the Senate bill passed with this provision, but CUNA, leagues and credit unions will engage with policymakers going forward to ensure this expansion does not make it into the final bill,” stated CUNA President and CEO Jim Nussle. Credit unions’ legacy of service to military members and their families are the reason credit unions are eligible for such an exemption in the first place, and for-profit banks answering to shareholders simply can’t match that.”
The FY2021 NDAA now moves to a conference committee.