WASHINGTON—Seeking to move forward a bill that includes a provision sharply dividing banks and credit unions, Senate Armed Services Committee Chairman Jim Inhofe (R-OK) has offered a "skinny" version of the fiscal year 2020 National Defense Authorization Act (NDAA) that does not include a provision that would treat big banks the same as a local, not-for-profit credit unions when it comes to nominal leases on military bases.
As CUToday.info has reported, the NDAA has been in conference committee for weeks as members of the House and Senate look to hammer out differences in the legislation as passed by the two bodies. One key difference is the House version does not include language giving banks equal access to military bases as credit unions have, while the Senate version does.
Inhofe's proposal would likely be considered as an alternative if a compromise can't be reached on a larger package. NAFCU, CUNA, and the Defense CU Council have all been engaged on the issue.
‘Fight Not Over’
"This fight is not over, however, as this is only a proposal during the negotiations right now, and there is no indication yet that the House will agree to it," wrote NAFCU Vice President of Legislative Affairs Brad Thaler. "The House did not include the Senate's bank leasing language during their consideration of the bill, so we have a lot of support from the House. Still, differences between the House and Senate about what, and how, to address broader issues in the NDAA remain.
"The conference is not finished until both the House and Senate conferees agree on one bill. We must continue to be vigilant and ensure that the conferees continue to hear from credit unions on the importance of this issue," Thaler added.