CUs earn victory today in NDAA mark-up
The U.S. House Armed Services Committee concluded their mark-up of the National Defense Authorization Act (NDAA) early on June 13. Prior to the mark-up, concern existed that Rep. Trent Kelly (R-MS) planned to offer an amendment to the NDAA that would give banks parity with credit unions in regards to leased space on military bases.
Because credit unions are not-for profit cooperatives, they receive rent-free leases on bases, so long as 95% of their membership are, at the time of joining, members of the DOD or federal employees, or their families. Banks sought similar treatment last year, and credit unions were able to defeat the amendment. As soon as word circulated that this amendment was filed, the LSCU advocacy team contacted its five members of the committee, Reps. Mo Brooks (R-AL), Bradley Byrne (R-AL), Matt Gaetz (R-FL), Mike Rogers (R-AL), and Michael Waltz (R-FL) requesting opposition to this amendment.
Due to pressure from the credit union industry, the amendment was never officially offered and the NDAA passed committee without this language.
If you have questions, please contact Jared Ross, Senior VP, Association Services & Governmental Affairs.