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NAFCU steps up advocacy efforts on NDAA
As House subcommittees begin to markup the House version of the fiscal year 2023 National Defense Authorization Act (NDAA), NAFCU has amplified its continued advocacy on the issue, reiterating the association's longstanding call to protect credit union nominal leases on military installations and prevent efforts to allow all banks to operate rent-free on military bases, in a joint trades letter sent to the House Armed Services Committee.
NAFCU consistently advocates against this bank-sought provision in the NDAA and has successfully kept it from being included.
In the letter sent Tuesday, the association joined with the Defense Credit Union Council (DCUC) and CUNA to explain that while banks argue for “parity” on this issue, “the fact is that banks already can obtain leases at a nominal cost.” In addition, the group touted the substantial difference between not-for-profit defense credit unions and larger banks, highlighting the credit union difference.
"Defense credit unions do not fear competition from banks, especially on base, as there can be an important role for both institutions to play," wrote the groups. "But credit unions simply put our members first – ahead of profit. If banks want to be treated like credit unions, they need to start acting like them.
"Equal treatment needs to focus on service, structure, and ethos, not increasing the bank's profit sustainability," the groups concluded. "Our service members deserve more!"
In addition to the letter, the groups included a one-pager to educate lawmakers on credit union priorities. A similar letter was also sent to the Senate Armed Services Committee. NAFCU will remain engaged with both the Senate and House Armed Services Committees as they consider the FY2023 NDAA to ensure this provision is again not included.