The House of Representatives on Thursday passed the National Defense Authorization Act (NDAA) for fiscal 2022 with two amendments backed by CUNA and without language, CUNA, leagues and credit unions fought for exclude. The bill does not contain a bank-requested extension of an arrangement allowing waivers for certain costs for credit unions on military installations.
The text of the Secure and Fair Enforcement (SAFE) banking law, which protects financial institutions serving legal cannabis-based businesses, has been added to the bill. CUNA also backed a successful amendment that would allow the use of remote online notarization and create national standards and protections for its use.
âCUNA, leagues and credit unions across the country have been tireless advocates of these two common sense provisions that will benefit consumers, communities and small businesses, and to maintain the existing arrangement that allows cooperatives credit for continuing to provide exceptional service to military personnel and their families, âsaid Jim Nussle, President and CEO of CUNA. âThis is the result of a bold and fierce advocacy by the CUNA-League system, as we have succeeded in demonstrating the value of credit unions to their members and their communities. “
CUNA wrote to House leaders earlier this week in support of the SAFE Banking Act and remote notary provisions.
CUNA and the leagues have worked with members of the Armed Services Committee in both chambers to prevent any expansion of credit union cost exemptions for military bases.
The Senate is expected to review the NDAA in the coming weeks; CUNA and the leagues continue to defend these political priorities.