July 15, 2022

House passes NDAA, includes several NAFCU-sought amendments

Capitol HillThe House Thursday passed the FY 2023 National Defense Authorization Act (NDAA) in a 329-101 vote. Lawmakers filed over 1,200 amendments to the bill, some of which affect credit unions. The House-passed version of the NDAA includes NAFCU’s longstanding call to protect credit union nominal leases on military installations and prevent efforts to allow all banks to operate rent-free on military bases.

Prior to the vote, NAFCU Senior Vice President of Government Affairs Greg Mesack wrote to the House Rules Committee outlining the association’s priorities and concerns regarding several amendments of consideration. The association also joined several trade groups to weigh in on various amendments.

Several NAFCU-sought amendments attached to the legislation include:

  • the Secure and Fair Enforcement (SAFE) Banking Act, which would allow Congress to provide greater clarity and legal certainty at the federal level for credit unions that choose to provide financial services to state-authorized marijuana-related businesses (MRBs) and ancillary businesses that may serve those businesses in states where such activity is legal;
  • the Fair Hiring in Banking Act, originally introduced by Senator Joe Manchin, D-W.Va. and led in the House by Rep. Joyce Beatty D-OH., that would replace a lifetime ban and expand employment opportunities for those with disqualifying convictions to work in the banking sector;
  • an extension of Central Liquidity Facility (CLF) enhancements, first granted under the CARES Act, and 

The House also included a NAFCU-opposed amendment that contains a provision from the Strengthening Cybersecurity for the Financial Sector Act, which would provide the NCUA with third-party vendor examination authority.

NAFCU will continue to engage Congress on the FY2023 NDAA on these issues and more as the legislation works through the process. Senate Armed Services Committee Chairman Jack Reed, D - RI, has indicated the chamber may take up its version in September. Once passed by the Senate, the two versions of the NDAA will have to be reconciled and approved again by both chambers before it can be signed into law.