The Senate passed a compromise version of the fiscal year 2022 National Defense Authorization Act (NDAA) Wednesday, just over a week after the House passed the same bill. Neither version contains language CUNA, Leagues, and credit unions fought to exclude that would have allowed banks the ability to operate rent-free on military bases.
The bill will head to President Joe Biden for his signature.
“We thank the Senate for excluding any expansion to banks of the arrangement between credit unions and the Department and Defense,” said CUNA President/CEO Jim Nussle. “Credit unions have earned the arrangement through a legacy of service to military members and their members, which has been recognized by legislators in both chambers.”
Previous versions of the NDAA contained the text of the Secure and Fair Enforcement (SAFE) Banking Act, as well as remote notary authorization, two provisions strongly supported by CUNA.