Amid Defense Authorization vote, CUNA reminds lawmakers of credit union difference for military service members
WASHINGTON, DC (June 11, 2019) — The Credit Union National Association today wrote to the House Armed Services Committee to call on representatives to reject language in fiscal year 2020 National Defense Authorization Act that would expand exemptions from costs related to leases, utilities and services on military bases for financial institutions.
Under the Federal Credit Union Act of 1996, the Department of Defense is granted the discretionary authority to waive the cost of credit union land leases, as negotiated between each military installation’s base commander and a given credit union. This exemption is restricted in scope to credit unions whose field of membership is at least 95% composed of individuals who are or were at the time of admission into the credit union military personnel, federal employees, or family of those who are or were.
“As the only member-owned, not-for-profit, democratically controlled option in financial services, credit unions’ mission is to promote thrift and provide access to credit for members,” wrote CUNA President/CEO Jim Nussle in the letter. “It is a mission they have fulfilled for more than 70 years and it’s a mission that remains unchanged today. Credit unions are focused on ensuring the financial readiness of our service members and their families.”
The letter also points out that are afforded similar exemption under Title 10 of the U.S. Code, though rarely exercise the opportunity.
CUNA continues to engage lawmakers on how best to serve and uplift the financial wellbeing of America’s servicemembers.
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
