House and Senate legislators unveiled the compromise FY21 National Defense Authorization Act (NDAA) today without a language provision that would allow certain banks to obtain cost waivers to operate on military installations. CUNA, the Leagues, and the Defense Credit Union Council fought to exclude this provision, which was included in the Senate-passed NDAA, from the final bill.
“CUNA and Leagues worked collaboratively to remind lawmakers that the financial wellness of our servicemembers is more important than bankers’ profits, resulting in the final bill unveiled by the conference committee today,” said CUNA President/CEO Jim Nussle. “Credit unions have long legacy of service to the military and its military families, which is why they were granted the opportunity for such arrangements in a 2006 amendment to the Federal Credit Union Act.
"Credit unions support efforts to track money laundering and terrorist financing, but also believe it is important to strike the right balance between the compliance costs to financial institutions, like credit unions, and the benefits to the federal government," Nussle added. "As such, CUNA supports the language within the NDAA conference report which addresses the redundancies, unnecessary burdens, and opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering statutory framework."
The House and Senate are expected to pass the measure, where it will go to President Trump’s desk for his approval.