Senate Recedes to House Version on 2020 NDAA
Monday, December 9, 2019
The Conference Report on the 2020 National Defense Authorization Act was just signed. The language does not contain Section 2821 of the Senate-passed version of the NDAA that would expand access to nominal leases on military installations for banks and require the Department of Defense (DoD) to treat banks and credit unions on military installations equally when it comes to land leases.
This is a huge win for all DCUC member credit unions and more importantly for all military members since very little of the benefit would go to military members and would increase bank shareholder profit margins instead.
"The Defense Credit Union Council is very happy that conferees recognized Section 2821 of the Senate NDAA would have essentially required that the DoD treat large mega-banks, such as Wells Fargo, the same as not-for-profit defense credit unions when it comes to rent on military bases.
This banking lobby proposal was another charade to attack credit unions and would have irreparably damaged DoD’s discretionary authority which defense credit unions must earn each year.
Essentially, the bank lobby tried to pull a fast one, and portray themselves as something they are not. Credit unions called them on it, and once Congress learned the facts, they made the right decision.
DCUC is very thankful for the tireless efforts of all credit union system partners in delivering this important resolution for defense credit unions."
We now turn our attention to passage of this bill and final Presidential signature. We will keep you apprised if there are any changes.