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Hunt joins CUbroadcast ahead of Senate NDAA override vote
Ahead of the Senate's expected vote to override President Donald Trump's veto of the fiscal year 2021 National Defense Authorization Act (NDAA) today, NAFCU's Carrie Hunt joined CUbroadcast to discuss the credit union priorities included in the bill, as well as the most recent coronavirus relief package. The House, via a 322-87 vote, passed the measure to override the veto Monday.
Of note, Hunt, NAFCU’s executive vice president of government affairs and general counsel, emphasized the changes to beneficial ownership rules in the NDAA and the preservation of credit union’s free lease arrangements on military bases.
The final NDAA included several wins for credit unions, including Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) reform, and NAFCU had previously urged the House and Senate to swiftly pass the legislation after the conference committee released its report. It passed both chambers with large bipartisan margins.
In addition to the vote on NDAA, Majority Leader Mitch McConnell has indicated that the Senate “will begin a process to consider the president’s positions on added relief checks and other policies,” which could include increases to the economic impact payments (EIPs).
Earlier this week, NAFCU Vice President of Legislative Affairs Brad Thaler wrote to congressional leadership in support of the veto override, highlighting the important role that defense credit unions play in providing servicemembers with traditional financial services.
During the CUbroadcast interview, Hunt also discussed the recent coronavirus relief package, including changes to the PPP as well as a streamlined forgiveness process, additional CDFI funding, and extending reforms to the Central Liquidity Facility and troubled debt restructuring requirements.
Learn more about the bill here, including many of the NAFCU-sought reforms, and watch Hunt’s full CUbroadcast interview here.