Defense CUs Told To Prepare For Closures

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Defense credit unions were told to brace for another round of base closures beginning in 2005. Credit unions that serve military FOMs had thought the closures might be pushed back two years as is proposed in a House bill, but were told during a Defense CU Summit at NAFCU's annual convention here that the Senate is likely to proceed on schedule. The difference must be worked out in conference, but NAFCU CEO Fred Becker and Defense CU Council President Arty Arteaga said a two-year delay would likely draw a White House veto, meaning closures will begin in 2005. A Washington lobbyist who focuses on defense matters and who is also a member of Navy FCU's board, said delays would only create more paperwork for defense credit unions.

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