A long-awaited Defense Department (DoD) report that concludes servicemembers do not lack access to banking services on military installations is being hailed as a victory for credit unions in their ongoing battle with banks over rent benefits on those bases.
“It’s a different playing field now,” said Anthony Hernandez, president/CEO of the Defense Credit Union Council, as the report was circulated Monday.
Under federal law, credit unions—but not banks—receive free rent on military bases as long as 95% of the credit union’s members are current or former federal employees.
Banks have long argued this limits access to traditional financial services. They contend that the credit union access is unfair and that they, too, should receive free rent benefits.
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