The recent passage of the 2020 National Defense Authorization Act (NDAA) was not only a victory for CUs on military bases, many may not realize it has the potential to be a victory for all credit unions, asserts Tony Hernandez.
As CUToday.info reported, the Senate version of the National Defense Authorization Act would have provided banks with the same type of free leases on military bases currently in place for many credit unions. But that language was cut when the final version of the NDAA was sent to the president for his signature. As CUToday.info also reported, passage of the bill came at the same time the banking lobby has been turning up the heat on credit unions and especially the industry’s federal tax exemption.
Hernandez, CEO of the Defense Credit Union Council (DCUC), contends if that language had not been removed from the legislation, banks would have been given the same access to military bases as credit unions and would have gained a much stronger foothold from which to make their anti-CU arguments in 2020.
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