FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; email@example.com
Washington, DC (August 1, 2018) – The Senate voted in favor of a conference report that omits a harmful provision to military credit unions under the 2019 National Defense Authorization Act (NDAA). Credit unions will continue to receive exemption from costs associated to the furnishing of office space and/or land (including ATM placement) on military bases – as governed by Section 124 of the Federal Credit Union Act.
Credit Union National Association (CUNA) led the charge to remove Section 2808 from the NDAA which intended to treat Federal or State charted insured depository institutions equally with respect to the financial terms of leases, services and utilities. Unfortunately the definition of "insured depository institutions" excluded credit unions.
"We thank both chambers for considering our concerns and removing this unclear language from the NDAA," said CUNA President/CEO Jim Nussle. "We will continue to be vigilant to ensure credit unions in military communities can continue to provide safe and affordable products to help meet the needs of our country's servicemen and women."
In partnership with Leagues, credit unions and the Defense Credit Union Council, CUNA has remained vocal opponents of this provision. Alaska Federal Credit Union wrote to Senator Sullivan, CUNA wrote to Committee Leadership at the end of June and four members of Congress wrote to Armed Services Committee Leadership in support of striking Section 2808 in NDAA TY 2019.
The NDAA passed the House last week.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.