NDAA Negotiations/Call-to-Action Continue, Financial Services Committee Markup

The House and Senate are in session this week with negotiations continuing on the National Defense Authorization Act (NDAA) and a House Financial Services Committee (HFSC) markup.

Among the bills being considered in the HFSC markup is the “Prudential Regulator Oversight Act (H.R. 4841) which would require NCUA and other financial regulators provide Congress with a semi-annual report on supervisory and regulatory efforts.

The committee is also scheduled to markup the “Cybersecurity and Financial System Resilience Act. (H.R. 4458), the “Terrorism Risk Insurance Program Reauthorization Act of 2019” (H.R. 4634), and a draft measure concerning the U.S. Export Finance Agency.

The markup is scheduled to begin Tuesday afternoon and could run through Wednesday. It will be live-streamed.

The NDAA Call-to-Action to protect defense-related credit unions continues.

Bankers continue to push a provision that would require the Department of Defense to treat for-profit banks the same as local, not-for-profit credit unions when it comes to nominal leases on military bases even though banks can already obtain nominal leases if they demonstrate how their services would benefit the men and women of the military. 

While CUNA and the state leagues successfully prevented the troublesome provision to expand for-profit bank access to military bases from being included in the House version of the NDAA (H.R. 2500), the Senate-passed version of the bill (S.1790) included it. A conference committee is negotiating differences between the two bills.

Credit union professionals, volunteers and members are encouraged to visit the CUNA/League system’s Grassroots Action Center where they can easily email or Tweet their members of Congress to tell them to reject the Senate version’s Section 2821 and listing why it would be detrimental to credit unions, members and consumers.

New Jersey credit union advocates willing to go a step further are asked to reach out directly to the offices our state’s delegation members named to the conference committee:

CUNA and the state leagues wrote to House and Senate Armed Services Committee leaders and members in early August to urge the conference committee to reject Section 2821. The NJCUL has also been in contact with the state’s conferees and the issue came up during the Advocacy Appreciation Reception during the League’s convention last week. While the reception’s guest of honor Rep. Kim, an NDAA conferee, said he was unable to predict whether the provision would be included in the conference report, he did express his support for striking the provision from the final bill.     

CUNA and the state leagues successfully fought against inclusion of a similar provision in last year’s NDAA.