News : DCUC Insights

2019 NDAA Conference Report

Tuesday, July 24, 2018  
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The House and Senate conferees adopted the final conference reportfor the FY 2019 National Defense Authorization Act (NDAA). The conference committee did not include the House amendment that would have granted banks with "free rent" in Section 2808. The language in the House amendment defined “insured depository institutions” as a term meant for banks only. Additionally, passage of the banking-only amendment would have exceeded the authority currently provided to DoD regarding credit union leases.
 
DCUC is satisfied with the decision of the committee and we thank the members of the conference committee for listening to our concerns. As we stated in our letter , this is a complex issue and there are a number of affected parties who have not had adequate time to study the amendment's impact and potential unintended consequences. 
 
DCUC will continue working with the Armed Services committees in the House and Senate in preserving 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.
 
Here is the verbiage from the final conference report:
 
“LEGISLATIVE PROVISIONS NOT ADOPTED
 
Treatment of leases of non-excess property entered into with insured depository institutions
 
The House bill contained a provision (sec. 2808) that would direct the Secretary concerned to accept financial services provided by an insured depository institution to servicemembers and employees of the Department of Defense as sufficient in-kind consideration to cover all lease, services, and utilities costs assessed with regard to the leased property.
 
The Senate amendment contained no similar provision.
The House recedes.”

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