NDAA passes House w/out provision negatively impacting CUs
The House passed the National Defense Authorization Act Thursday without a provision CUNA fought to exclude that could have negatively impacted credit unions on military bases. CUNA successfully fought for removal of Section 2808 of the House bill, which was removed when the conference report of the bill was released Monday.
Section 2808 was designed to treat Federal and State chartered insured depository institutions equally, but the legislative definition excluded credit unions. CUNA wrote a letter opposing the provision in June.
“We’re pleased to see this bill move along without the provision that could have put military credit unions at a disadvantage,” said CUNA President/CEO Jim Nussle. “We strongly believe credit unions should continue to receive unrestrained, but discretionary access to military installations, and we’re glad the bill reflects that.”
The Federal Credit Union Act notes that on-base credit unions are exempt from the costs associated with leases, utilities and services – which includes the furnishing of office space and/or land and ATM placement.