NAFCU urges NDAA committee to axe nominal lease provision
Highlighting big banks' track record of consumer abuses and record-breaking profits, NAFCU Vice President of Legislative Affairs Brad Thaler urged the FY 2020 National Defense Authorization Act (NDAA) conference committee to remove a provision that would treat banks and credit unions on military installations the same when it comes to leases.
Thaler sent the letter Thursday as the committee held its first meeting to reconcile differences between the House and Senate versions of the bill. While NAFCU's advocacy efforts kept the provision out of the House-passed NDAA, the Senate bill includes it (Section 2821).
Bolstering NAFCU's advocacy, a bipartisan group of more than a dozen representatives recently sent a letter to leaders of the House and Senate Armed Services Committees urging the provision's removal, noting that the Department of Defense (DoD) did not ask for it to be included and has previously opposed such changes. The letter was led by House Armed Services Subcommittee Chairwoman Jackie Speier, D-Calif.
In the NAFCU letter, Thaler noted that the DoD has used its discretionary authority to lease space on military bases at a nominal rate to credit unions because of the value they bring to military members, in addition to the laws and regulations they are required to meet. Speier's letter also highlighted current laws that allow banks to seek waivers for leases on military installations. However, if enacted, Thaler warned that the provision could create consequences.
"…[W]e remain concerned that Section 2821's intent to tie the fate of banks on the lease issue to credit unions and their good work misses the mark, and would ultimately disadvantage credit unions," Thaler said. "Rather than granting nominal leases to banks and credit unions, the DoD could very well decide to stop granting nominal leases altogether. We do not want to subject the ability of defense credit unions to serve their members to the political winds surrounding big bank consumer abuses."
Learn more about what this section would mean for credit unions.
As the committee begins its discussions, Thaler called on credit unions to join NAFCU by using its Grassroots Action Center to contact lawmakers directly and urge them to oppose the provision. NAFCU has also teamed up with the Defense Credit Union Council to share the industry's concerns about the provision.
NAFCU is vigilantly monitoring the conference committee and will maintain its advocacy efforts to ensure credit unions are not disadvantaged in the final NDAA, just as it did last year. Subscribe to NAFCU Today for updates on the committee's progress.
Add to Calendar 2020-12-04 14:00:00 2020-12-04 14:00:00 Give Your Members the Gift of Fraud Protection for the Holidays The holiday season will look different this year for a lot of reasons. But one that many credit unions are gearing up for is new fraud attacks. Digital fraud and scams will potentially be worse than ever before, with the increase in digital shopping, and the commencement of holiday sales and black Friday deals. In order for you and your members to enjoy this season, you’ll want to be aware and prepared. So, we’re talking with Ann Davidson, Vice President of Risk Consulting at Allied Solutions, about how to get out ahead of these risks with key prevention methods and education for members. PROGRAM UNDERWRITTEN BY Key Takeaways What new forms of fraud should your credit union be prepared for this holiday season? How has this changed from previous years, given the pandemic’s impact? What can your credit union do to mitigate these risks? Register Now For On-Demand AccessRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until December 4, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Risk Managers (NCRMs) NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Bank Secrecy Officers (NCBSOs) Compliance staff BSA staff Risk staff Education Credits NCRMs will receive 1.5 CEUs for participating in this webinar. NCCOs will receive 1.5 CEUs for participating in this webinar. NCBSOs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: What new forms of fraud should your credit union be prepared for this holiday season? How has this changed from previous years, given the pandemic’s impact? What can your credit union do to mitigate these risks? Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics – Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCRM, NCCO, NCBSO, CPE
Program underwritten by NAFCU Services
Add to Calendar 2020-12-02 09:00:00 2020-12-02 09:00:00 The Evolving Credit Crisis- How Credit Unions Can Respond Now Listen On: Key Takeaways: [03:32] Banks are reporting minimum increases in the things you would expect to see as warning signs like charge-off rates and delinquency rates. [11:20] Sophisticated modeling techniques are models that are built from lots of historical information, can tie variables together, and anticipate credit losses. [17:29] The credit unions that have a good understanding of their membership, markets, loan portfolios, and the ability to get some insight into those analytics may see some opportunities to expand into other product types. Web NAFCU firstname.lastname@example.org America/New_York public
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