Newsroom

As the Senate begins debate on its version of the fiscal year 2020 National Defense Authorization Act (NDAA), NAFCU Vice President of Legislative Affairs Brad Thaler wrote Senate leadership urging the chamber to strike language from the bill – included in section 2821 – that could treat big banks, such as Wells Fargo, the same as a military installation's local not-for-profit defense credit union.
 
"NAFCU recognizes the important role both credit unions and banks can play for our men and women in the military in the provision of traditional financial services and in protecting our troops from predatory lenders. However, we remain concerned that efforts to provide 'free rent' for banks on military installations are missing the mark, and would disadvantage credit unions," wrote Thaler.
 
Thaler also sent a message Tuesday to update member credit unions on how the Senate's provision would impact credit unions on military bases. He directed credit unions to use NAFCU's Grassroots Action Center to contact their senators and urge them to strike section 2821 in the NDAA.
 
Currently, credit unions have nominal lease space in federal buildings and on military bases as a result of a NAFCU-sought provision added to the Federal Credit Union Act in 2006. Last year, NAFCU's efforts led House and Senate conferees of the FY2019 NDAA to drop this provision – which could require the Department of Defense to treat all for-profit banks the same as not-for-profit credit unions when it comes to land leases – from the final bill.
 
NAFCU's advocacy team remains highly active on Capitol Hill, urging Senators to support removing the banker-sought provision. Last week, NAFCU successfully worked to prevent similar language from being included in the House version of the bill.
 
The association will continue to advocate against any provision in the NDAA that could disadvantage credit unions.