After months of advocacy by NAFCU and credit unions, the Senate passed the fiscal year 2020 National Defense Authorization Act (NDAA) that does not include a credit union-opposed provision regarding bank leases. Additionally, the bipartisan spending package is in the Senate for consideration – following House passage yesterday – and is expected to pass by Friday in order to avert a government shutdown and provide funding through the rest of fiscal year 2020.
The Senate Tuesday passed the NDAA on a 86-8 vote; it now moves to the president for his signature. The House passed the legislation last week.
NAFCU’s months-long advocacy campaign ensured a credit union-opposed provision that would have treated big banks the same as a military installation’s local, not-for-profit credit union when it comes to nominal leases was not included in the final report.
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