House passes NDAA with several credit union priorities
The House of Representatives passed the FY 2022 National Defense Authorization Act (NDAA) Thursday with two CUNA-backed amendments and without language CUNA, Leagues and credit unions fought to exclude. The bill does not contain a bank-requested expansion of an arrangement allowing waivers for certain costs for credit unions on military installations.
The text of the Secure and Fair Enforcement (SAFE) Banking Act, which provides protections for financial institutions serving legal, cannabis-based businesses, was added to the bill. CUNA also supported a successful amendment that would authorize the use of use remote online notarization and create national standards and protections for its use.
“CUNA, the Leagues, and credit unions across the country have been tireless advocates for these two commonsense provisions that will benefit consumers, communities, and small businesses, and to maintain the existing arrangement that allows credit unions to continue outstanding service to military members and their families,” said CUNA President/CEO Jim Nussle. “This is a result of bold, fierce advocacy from the CUNA-League system, as we successfully demonstrated credit unions’ value to their members and communities.”
CUNA wrote to House leaders earlier this week in support of the SAFE Banking Act and remote notary provisions.
CUNA and the Leagues worked with Armed Services Committee members from both chambers to keep out any expansion of credit unions’ cost waivers for military bases.
The Senate is expected to consider the NDAA in the coming weeks; CUNA and the Leagues continue to advocate for these policy priorities.