House Passes NDAA with Several CUNA-supported Provisions
FOR IMMEDIATE RELEASE
July 15, 2022
The House passed the FY23 National Defense Authorization Act with several CUNA-supported provisions in a 329-101 vote late Thursday. The bill includes the Secure and Fair Enforcement (SAFE) Banking Act, extends CARES Act Central Liquidity Facility (CLF) flexibility, and includes provisions to support fair hiring in financial services.
“We worked side-by-side with our credit union champions to support these amendments, which in turn will help credit unions better meet the needs of their members,” said CUNA President/CEO Jim Nussle. “Allowing financial institutions to serve legal cannabis-based businesses boosts public safety, and the additional CLF flexibility will help credit unions access liquidity if needed.”
The CUNA-supported NDAA provisions would:
- Provide a safe harbor for financial institutions serving legal, cannabis-based businesses through the CUNA-League-supported SAFE Banking Act. It has passed the House as a standalone bill and as part of a package this Congress.
- Allow the CARES Act to increase borrowing from the CLF, up to 16 times the amount of capital paid in (up from the pre-pandemic 12 times). The CLF serves as a lender to credit unions experiencing unexpected liquidity shortfalls. The NDAA amendment—from House Financial Services Chairwoman Maxine Waters, D-Calif.—would extend this increased borrowing through 2023.
- Support the Fair Hiring in Banking Act, which would replace the current ban on those interested in working in the banking sector with previous minor criminal records.
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 130 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.