The Senate approved on Sept. 10 an amendment clarifying the authority for defense credit unions to occupy offices on bases if 95% of its members using the office are military or federal employees or family members.

Under the amendment, 95% of customers using the base facility must be military-related, even if the percentage of military customers using branches off-base is smaller.

Current law doesn't distinguish between a credit union located on military installations and its branches.

Separately, during a Senate Banking Committee hearing on regulatory consolidation on Tuesday, L. William Seidman, former chairman of the Federal Deposit Insurance Corporation, and William Proxmire, former Democratic senator from Wisconsin, endorsed merging the National Credit Union Administration with a "superregulator" for all banking industries.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.