July 12, 2022

NAFCU outlines support, opposition for several NDAA amendments

CapitolNAFCU Senior Vice President of Government Affairs Greg Mesack Monday wrote to the House Rules Committee to voice the association’s priorities and concerns regarding the fiscal year 2023 National Defense Authorization Act (NDAA) as the committee considers the legislation and what amendments to make in order on the House floor during a Committee meeting today. The Rules Committee is considering over 1,200 amendments that were filed to the NDAA, some of which would affect credit unions.

Mesack reiterated the association’s support for several specific amendments under consideration:

In addition, Mesack voiced strong opposition for an amendment that would include provision from the Strengthening Cybersecurity for the Financial Sector Act, which would provide the NCUA with third-party vendor authority, as well as another amendment that would implement new, burdensome cybersecurity reporting requirements.

NAFCU also joined with CUNA, the Independent Community Bankers of America, and the American Bankers Association on a letter in support of the SECURE and SAFE Banking Acts.

In June, NAFCU amplified its continued advocacy on the issue, reiterating the association'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, in a joint trades letter sent to the House Armed Services Committee. NAFCU consistently advocates against this bank-sought provision in the NDAA and will continue its vigilance with NDAA in this regard.

NAFCU will remain engaged with Congress as they consider the FY2023 NDAA to ensure credit unions concerns are heard.