The Credit Union National Association (CUNA) is advocating room in the National Defense Authorization Act (NDAA) budget for military base credit union initiatives.
CUNA President and CEO Jim Nussle recently forwarded correspondence to the Armed Services Committee leadership in the House and Senate regarding the NDAA fiscal year 2020 status.
CUNA spearheaded last year’s effort to remove Section 2808 from the 2019 NDAA, which intended to treat federal or state charted depository institutions equally with respect to the financial terms of leases, services, and utilities.
“CUNA and its members would be concerned with the inclusion of any similar language in the FY 2020 NDAA that would go beyond DOD’s current authority in regard to exemptions from the costs related to leases, utilities, and services on military bases for financial institutions or other more complex profit-centered entities,” Nussle wrote.
Nussle maintains as the only member-owned, not-for-profit, democratically controlled option in financial services, credit unions’ mission is to promote thrift and provide access to credit for members.
“It is a mission they have fulfilled for more than 70 years, and it’s a mission that remains unchanged today,” he wrote. “Credit unions are focused on ensuring the financial readiness of our service members and their families.”
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