The Senate Armed Services Committee yesterday introduced its bipartisan Committee-approved version of the National Defense Authorization Act (NDAA), which, in a win for credit unions, excluded statutory changes that would threaten the current status of credit union leases on military bases. The legislation also maintained not allowing banks rent-free access to military installations.
The House Of Representatives is currently considering their version of the NDAA, which also protects the statuses of credit union leases on military bases and excludes bank access to military installations. The House on Tuesday added the NAFCU-backed SAFE Act as an amendment to the NDAA. NAFCU is also watching other amendments that the House is considering this week, including one to allow e-notary services and others which could impact the ability to get accurate credit reports for service members. The House is expected to vote on the final bill as early as today.
NAFCU successfully kept these bank-sought lease provisions out of the NDAA through continued advocacy efforts for credit unions and their 127 million members. NAFCU will remain engaged with both the Senate and House Armed Services Committees in the finalization of the FY2022 NDAA.