After raising concerns that an early version of the National Defense Authorization Act
Originally penned to allow banks to operate rent free on military installations, the legislation was opposed by both the Credit Union National Association and the National Association of Federal Credit Unions.
Each party successfully challenged Section 2808, a portion of the bill designed to treat federal and state chartered insured depository institutions equally, though the legislation excluded credit unions.
“Removal of this provision was a win for military credit unions, who need to be able to maintain unrestrained but discretionary access to military installations to ensure they are able to continue their service to military members and families,” Credit Union National Association President and CEO Jim Nussle said in a statement.
The provision was included in the initial House-passed version of the NDAA, but was cut from the Senate version.
"We thank congressional leaders for passing the NDAA with this NAFCU-sought change," said Carrie Hunt, EVP of government affairs and general counsel for the National Association of Federally-Insured Credit Unions. "Credit unions have played an important role in helping our military men and women gain access to needed financial services, and we are pleased that this will continue to be the case."
The House passed the bill in late July before sending it to the Senate, which passed it earlier in August.
