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Defense Secretary Chuck Hagel recently reissued his call to Congress for a new round of military base closures and cut-back on troop benefits to give the Pentagon more flexibility to address its own budget before year-end, according to The Hill.

"Without the ability to make programmatic adjustments like retiring aging aircraft, and without base realignment and closure, the department will face a bill of about $30 billion over fiscal years 2016 to 2020," The Hill quoted Hagel saying during the Reagan Defense Forum in Simi Valley, Calif.

Congress has blocked the Pentagon's request for base realignment and closure, or BRAC authority, for both 2013 and 2015. The last BRAC took place in 2005.

"While Congress is not likely to authorize BRAC authority this year, it is a possibility in the coming years," said NAFCU Military Liaison Quincy Enoch. "Credit unions should stay aware of this possibility and begin to plan accordingly."

During his speech, Hagel also brought up sequestration, which is due to return in fiscal year 2016 "and could slash as much as $500 billion from the Pentagon's coffers over 10 years," The Hill reported.