Trump signs NDAA without provision opposed by CUNA, Leagues

President Donald Trump signed the fiscal year 2020 National Defense Authorization Act (NDAA) Friday, a bill without a provision that would have allowed certain banks to obtain cost waivers to operate on military installations. This finalizes an advocacy victory for credit unions.

Throughout 2019, this fight to preserve the credit union difference has been a major advocacy goal for CUNA, Leagues, and credit unions. Advocates have maintained that banks — which profit off servicemembers to benefit Wall Street investors — should not be granted the same rent-free access afforded to credit unions that meet certain provisions in addition to delivering the not-for-profit mission and member-owned structure to bases at home and abroad.

“By working collaboratively to remind lawmakers that the financial wellness of our servicemembers is more important than bankers’ profits, credit unions have achieved a remarkable win for our mission and structure,” said CUNA President/CEO Jim Nussle. “Our collective success in the FY 2020 National Defense Authorization Act is a defining example of what can be accomplished through credit unions’ fierce, bold 360-degree advocacy.”


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