President signs NDAA without provision impacting military CUs
WASHINGTON, DC (August 14, 2018) — President Donald Trump signed the National Defense Authorization Act (NDAA) for fiscal year 2019 Monday at Fort Drum, enacting the legislation without a provision that could have negatively impacted military credit unions. CUNA successfully fought for removal of a section of the bill that would have the House bill, which was removed when the conference report of the bill was released Monday.
Specifically, Section 2808 was designed to treat federal and state chartered insured depository institutions equally, but the legislative definition excluded credit unions. CUNA wrote a letter opposing the provision in June.
“Removal of this provision was a win for military credit unions, who need to be able to maintain unrestrained but discretionary access to military installations to ensure they are able to continue their service to military members and families,” said CUNA President/CEO Jim Nussle. “This win is a direct result of outreach from CUNA, the Defense Credit Union Council, state leagues and military credit unions.”
The conference report of the bill was the first version of the NDAA without the negative provision. It was passed by the House in late July and by the Senate earlier this month.
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 120 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.