On Friday
afternoon, four Members of Congress wrote to Armed Services Committee
leadership in both the House and Senate urging for them to remove Section 2808
from the House version of the NDAA FY 2019 legislation.
This provision was
intended to treat credit unions and banks equally with respect to the financial
terms of lease, services, and utilities on military installations.
Unfortunately, as currently written – due to a drafting error, this provision
excludes credit unions from the definition of “insured depository institutions.”
CUNA will continue
to work with both the House and Senate to fix this drafting error and ensure servicemembers
and their families continue to have access to the valuable services credit
unions provide.
CUNA thanks
Representatives Speier, Cook, Royce, and Garamendi for their efforts to resolve
this unfortunate error.