NAFCU secures CU wins in final NDAA

The final fiscal year 2021 National Defense Authorization Act (NDAA) was released Thursday by the conference committee with NAFCU-fought wins for credit unions: It doesn’t include the harmful provision that would have treated banks the same as a military installation’s local, not-for-profit credit union when it comes to nominal leases, and does include language to make Bank Secrecy Act (BSA)/anti-money laundering (AML) reforms.

The final bill must still advance to both chambers to vote on before being signed by the president.

“The credit union industry consistently demonstrates its commitment to doing what’s best for their members and prioritizes people over profits,” said NAFCU President and CEO Dan Berger. “We thank lawmakers on the NDAA conference committee for recognizing the key differences between credit unions and banks and removing the bank-sought provision that would have treated banks the same as not-for-profit credit unions.

“We also applaud the committee for including critical BSA/AML reforms, especially House Financial Services Committee Chairwoman Maxine Waters and Representative Carolyn Maloney for their work to secure the provision. This year’s NDAA will strengthen protections for our nation’s financial system and servicemembers.”


continue reading »