WASHINGTON — With the Senate set to take up the massive, must-pass FY 2027 National Defense Authorization Act (NDAA) after returning when it returns to Washington, America’s Credit Unions is urging lawmakers to adopt several financial services amendments while opposing a proposal involving military commissary coupons.
In a letter to Senate leadership, America’s Credit Unions outlined its support for a series of bipartisan amendments it said would strengthen the credit union system, improve financial oversight and modernize banking regulations.
The trade group said it supports amendments that would:
- Improve access to the National Credit Union Administration’s Central Liquidity Facility (CLF), based on the bipartisan CLF Enhancement Act sponsored by Sens. Alex Padilla (D-CA) and Kevin Cramer (R-ND).
- Increase transparency and accountability at the Community Development Financial Institutions (CDFI) Fund through language drawn from the bipartisan AFFORD Act introduced by Sens. Mike Crapo (R-ND), Mark Warner (D-VA) and Steve Daines (R-MT).
- Expand deposit insurance coverage for noninterest-bearing transaction accounts at credit unions and banks using updated language from the Main Street Depositor Access Act sponsored by Sens. Bill Hagerty (R-TN) and Angela Alsobrooks (D-MD).
- Update reporting thresholds for Suspicious Activity Reports and Currency Transaction Reports based on the STREAMLINE Act introduced by Sen. John Kennedy (R-LA).
Senators Urged to Reject Amendment
America’s Credit Unions also urged senators to reject an amendment offered by Sens. Roger Marshall (R-KS) and Raphael Warnock (D-GA) that would establish a pilot program providing commissary coupons to servicemembers.
While expressing support for efforts to assist military families facing financial hardship, the organization argued the proposal had not received sufficient review.
“We agree with the concept that more should be done to help servicemembers who are struggling to make ends meet. However, airdropping into the NDAA an unvetted measure that tells servicemembers where they must shop is not the solution,” the letter states. “Enacting this program could create issues at commissaries by making changes to established payment systems.”
As the CU Daily has reported, the Senate is expected to begin consideration of the NDAA after lawmakers return from the congressional recess.
The House, meanwhile, did not approve the procedural rule needed to advance its version of the defense authorization bill before adjourning for the Independence Day holiday, America’s Credit Unions noted, but the chamber could revisit the measure when it returns next week.
