WASHINGTON—The FY27 National Defense Authorization Act (NDAA) has advanced out of the House Armed Services Committee without any financial services-related amendments.
As the CU Daily has regularly reported, as must-pass legislation, the massive NDAA has annually become a carrying horse for non-defense-related legislation, such as for interchange-related bills, with credit unions working Congress to keep such language out of the bill.
Prior to the markup, America’s Credit Unions sent a letter to the committee urging it to reject any potential amendments that would alter the current nominal land lease process for credit unions on military bases or change the current payments interchange system.
“Preserving service members’ access to their trusted financial partners throughout all stages of life is essential,” the letter reads. “Credit unions look forward to working with the Committee on programs to help improve financial literacy and the financial condition of those serving, and who have served, our country.”
America’s Credit Unions called on the committee to avoid any language that would:
- Alter the current nominal land lease process for credit unions on military bases, especially following a 2022 report from the Department of Defense that found it does not cause any lack of financial access for servicemembers
- Would alter the current payments system, including the Credit Card Competition Act, which would function as a backdoor price control on credit card transactions affecting financial institutions of all sizes
Op-Ed from Defense Council
Separately, Jason Stverak of the Defense Credit Union Council (DCUC) has authored an opinion piece in the CU Daily that urges Congress to recognize the importance of financial readiness among America’s military personnel and the role credit unions play.
