On August 8th Georgia and LSCU were a part of a collective effort on one of the Congressional issues to draw greater attention on the federal level. Credit union leagues from around the country and CUNA jointly wrote to House and Senate Armed Services Committee leadership to express concern over a provision in the Senate-passed version of the National Defense Authorization Act (NDAA) for fiscal year 2020. A House version also passed in July without the provision; the differences will be handled by conference committee after the August recess.
Currently the DOD has discretionary authority to waive certain costs for land leases and fees for credit unions. There is a section of the Senate NDAA that would allow for potential expansion of the exemption for financial institutions that meet the same standards as credit unions eligible for the exemption. “The very nature of credit unions – democratically controlled, not-for profit financial institutions – are to reinvest in our members. Credit unions on military bases are focused on ensuring the financial readiness of America’s service members,” the letter reads. The credit union mission and structure mean funds are reinvested in the bases and the military communities that they operate in through lower rates, better products and more responsive services for our servicemembers.
This was one of the issues highlighted in the recent meeting between Georgia credit unions with U.S. Rep. Barry Loudermilk (R-11)’s key legislative staff, and is just the most recent actions on this issue by the credit union industry to draw attention to the differences in the two NDAA bills. CUNA will continue work with Leagues and the Defense Credit Union Council to engage lawmakers as the bill moves into conference, advocating to ensure that the House language is incorporated into the final bill.