Reminder! Ask your lawmaker to strike Section 2821 from NDAA

Cornerstone Credit Union League reminds credit union leaders, especially those whose credit unions are considered "military," to reach out to their members of Congress now and ask them to reject Section 2821 of the NDAA to protect the financial security of our servicemembers.

Act now: CUNA’s Grassroots Action Center

Section 2821 of the Senate-passed National Defense Authorization Act (NDAA) would allow for-profit banks to have rent-free access on military installations. For this section of the NDAA to truly provide parity, banks would have to offer the same reduced rates, fewer fees, and improved products that not-for-profit, member-owned credit unions offer. The NDAA is currently in conference committee as members from both chambers attempt to work out the differences between the two versions before being signed into law.

NDAA Background
Credit unions that operate rent-free on military bases are subject to strict criteria. At least 95% of the membership to be served by the allotment of space is composed of individuals who are, or who were at the time of admission into the credit union, military personnel or federal employees or members of their families. Further, an exemption is not guaranteed for every credit union on every military base; it is a negotiation between the base commander and a specific credit union. In fact, banks already have access to the same type of waiver for rent via 10 USC §2667. 

The very mission of democratically controlled, not-for profit credit unions is to reinvest in their members on military bases. Credit unions are focused on ensuring the financial readiness of America's service members, not trying to profit off them.

"We encourage credit unions to reach out to their members of Congress and tell them to remove Section 2821 from the bill," said Cornerstone Chief Government Relations Officer Jim Phelps. "If section 2821 isn't stripped from the bill, big banks like Wells Fargo and Bank of America will reside on bases around the world, profiting off of our servicemen and women."

Please act now! Encourage Congress to reject Section 2821 of the Senate National Defense Authorization Bill: CUNA’s Grassroots Action Center.