House defense bill wins for credit unions: Anti-money laundering in; banker provision out

Credit union trade groups should be pleased with the defense authorization bill passed by the House Tuesday—it maintains the free rent benefit that credit unions receive on military installations and it includes anti-money laundering provisions they’ve been pushing.

The House passed the overall defense bill, 295-125; it already faces a veto threat from President Trump on several hot-button issues. For instance, the bill would require the Pentagon to re-name military bases that currently are named after Confederate leaders—a policy the administration opposes.

Before passage, the House approved a large number of amendments that members wanted to add to the bill.

Rep. Carolyn Maloney’s (D-N.Y.) anti-money laundering amendment was among those that were accepted. The amendment would require companies to disclose their true, beneficial owners at the time a company is formed. The Financial Crimes Information Network would maintain the data, which only would be available to law enforcement officials.


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