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House Reaches Defense Deal Favorable to CUs
Friday, July 27, 2018 6:50 AM

The U.S. House voted in favor of a conference report that strikes a provision that is harmful to military credit unions under the 2019 National Defense Authorization Act (NDAA). Credit unions will continue to be able to meet the financial services needs of America's servicemen and women.

Credit Union National Association wrote a letter opposing the provision, as it would ultimately hurt credit unions while granting access to banks at the same bases. 

Under Section 124 of the Federal Credit Union Act, on-base credit unions are exempt from costs related to leases, utilities, and services for the furnishing of office space and land. Section 2808 of the House version of NDAA was designed to treat federal- and state-chartered insured depository institutions equally, but the legislative definition excluded credit unions.

"We look forward to working with the Armed Services committees in the House and Senate in restoring the overall Military Banking Program so that Defense Credit Unions can continue to serve our military members and their families while protecting them from predatory lending practices outside the gate," said Defense Credit Union Council President/CEO Anthony Hernandez.