In an initial victory for credit unions, the draft defense authorization bill being marked up by the House Armed Services Committee subcommittees this week does not include a provision providing banks with the same free rent benefit that credit unions receive on military installations.
Anthony Hernandez, president/CEO of the Defense Credit Union Council (DCUC), cautioned that the subcommittee markups are just the first step in the legislative process.
“DCUC is very encouraged with these initial indications,” he said, adding, however, “The bill has a long way to go before it is enacted and signed into law.”
Senate subcommittees begin their markups of the annual defense bill—considered must-pass legislation—next week. While the credit union-bank fight is a high-profile issue in the financial services world, it is a tiny issue for the House Armed Services committees.
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