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SAFE Banking Act on table as part of NDAA
While Members of Congress are back home in their districts, NAFCU is encouraging credit unions to request their local lawmakers support the Secure and Fair Enforcement (SAFE) Banking Act. In July, the House included the SAFE Banking Act as an amendment to their version of the fiscal year 2023 National Defense Authorization Act (NDAA).
Even though the Senate Armed Services Committee did not include the SAFE Banking Act int their version of the NDAA in June, there is still time for the legislation to be added to the final NDAA as part of the House and Senate Conference Committee. The House and Senate will have to negotiate to resolve differences for the final NDAA, and the SAFE Banking Act could pass through that negotiation process. The issue is one of several financial services related matters that could be addressed in the NDAA because of their inclusion in the House bill. NAFCU has an issue brief outlining a number of the top concerns with marijuana banking.
Additionally, the association is requesting credit unions to continue to use the Grassroots Action Center to speak out against the efforts to expand NCUA Third Party Vendor Authority and the Credit Card Competition Act of 2022 by sending a message to their lawmakers.
The Credit Card Competition Act of 2022 and NCUA Third Party Vendor Authority were not among the amendments included in the Senate substitute amendment for the NDAA. Although the Senate has opted to not attach these bills to the NDAA at this time, NCUA Third Party Vendor Authority remains in the House NDAA bill, and the Credit Card Competition Act, or other interchange amendments, could still be introduced during floor debate on the NDAA.
Explore the Grassroots Action Center and stay tuned to NAFCU Today for the latest from Washington.