FOR IMMEDIATE RELEASE
April 29, 2019
Credit Union National Association (CUNA) wrote a letter to Armed Services Committee leadership in the House and Senate regarding the National Defense Authorization Act (NDAA) for fiscal year 2020.
Under the Federal Credit Union Act, the Department of Defense (DoD) has the authority to waive the cost for credit union land leases as well as administrative and logistical fees.
The trade association led the charge last year to remove Section 2808 from the 2019 NDAA which intended to treat Federal or State charted depository institutions equally with respect to the financial terms of leases, services and utilities. Prior to this legislative win, the definition of "insured depository institutions" excluded credit unions. Through the efforts of credit unions and Members of Congress, both expressing concern over the legislation, the language was ultimately rejected.
“CUNA and its members would be concerned with the inclusion of any similar language in the FY 2020 NDAA that would go beyond DOD’s current authority in regard to exemptions from the costs related to leases, utilities, and services on military bases for financial institutions or other more complex profit-centered entities,” said CUNA President/CEO Jim Nussle in the letter.
In partnership with Leagues, credit unions and the Defense Credit Union Council, CUNA has remained vocal proponents of a clear and concise NDAA to ensure the financial readiness of America’s service members and their families.
Read the letter in full here.
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 115 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. To find your nearest credit union, visit YourMoneyFurther.com.