Removing Barriers Blog

CUNA joins DCUC & NAFCU in letter to House & Senate Armed Services Committee leadership
Posted May 18, 2021 by CUNA Advocacy

CUNA joined the Defense Credit Union Council (DCUC), and National Association of Federally-Insured Credit Unions (NAFCU) sending letters to the House and Senate Armed Services Committee members asking them to reject inclusion of an amendment in the National Defense Authorization Act (NDAA) that would require the Department of Defense (DoD) to treat for-profit banks the same as credit unions when it comes to leases. This leasing treatment is currently reserved for not-for-profit entities, such as credit unions.

For the last several years, CUNA, Leagues, and the Defense Credit Union Council have successfully persuaded Congress to exclude what would have expanded an exemption for certain cost waivers for financial institution branches on military installations by reminding lawmakers that the credit union difference sees earnings reinvested in servicemembers, their families, and their facilities, rather than being shared with investors.