WASHINGTON, DC (July 25, 2018) — National Association of Federally-Insured Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler issued the following statement after a House and Senate Conference Committee agreed to remove language from the fiscal year 2019 National Defense Authorization Act that would have granted banks a disparity in serving members of America’s armed forces on military bases. The provision would have allowed banks to occupy free space in federal buildings and on military bases with less regulatory scrutiny than credit unions.
“Credit unions have a long history of serving military members and meeting the needs of those stationed on military bases. While this provision would not have immediately impacted credit unions’ ability to serve members of the armed forces, we appreciate the conferees’ decision to not include this bank-tailored lease provision in the conference agreement,” said Brad Thaler, Vice President of Legislative Affairs at NAFCU.
“While having a plethora of insured depository institutions available to our service members is an important way to combat predatory and unscrupulous lenders who may target those who serve, any changes to the existing lease framework should have a clear benefit to members of the military.”
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
