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Final NDAA heads to President Biden; Debt ceiling hiked
The Senate Wednesday passed the final fiscal year 2022 National Defense Authorization Act (FY2022 NDAA) by an 89-10 vote. The bill – compromised on by both the House and Senate and passed by the House last week – protects credit union leases on military bases by excluding language opposed by NAFCU that would provide banks nominal leases on military bases as well. The package now moves to President Joe Biden, where it is expected to be signed into law.
The NDAA compromise legislation did not include language on the Secure and Fair Enforcement (SAFE) Banking Act despite several Senators urging the Senate Armed Services Committee to incorporate the SAFE Banking Act in a letter last month and its inclusion in the previous House-passed version of the NDAA. The package also did not include NAFCU-backed language to allow remote online notarizations.
NAFCU successfully kept these bank-sought lease provisions out of the NDAA through continued advocacy efforts for credit unions and their 127 million members. NAFCU will remain vigilant and continue to engage with Congress to ensure credit unions’ priorities are top of mind during this process.
Of note, Congress also passed a measure late Tuesday night to raise the debt limit to nearly $31 trillion avoiding any chance of default until 2023; with the Senate voting 50-49 and the House voting 221-209 to pass. The legislation also moves on to President Biden.
Stay tuned to NAFCU Today for updates.