WASHINGTON—Congress should support and advance a “clean” National Defense Authorization Act (NDAA) for FY25, America’s Credit Unions wrote to Congressional leaders.
As CUToday.info reported, the NDAA text was released over the weekend without any provisions of concern, and Congress is expected to vote on it this week.
“America’s Credit Unions urges you to support and advance this ‘clean’ version of the NDAA and reject any late floor amendments in areas that stand to place new burdens and hardships on our nation’s credit unions or that threaten the ability of our nation’s defense credit unions to serve the men and women of America’s armed services and our nation’s veterans,” wrote ACU President/CEO Jim Nussle.
Nussle urged members to oppose:
- Attaching the “Big Box Bailout” bill to the NDAA, which would “function as a backdoor price control on credit card transactions and … could greatly increase fraud costs”
- Amendments impacting military banking, including extending the Military Lending Act cap to all consumer loans, and allowing banks to have free leases on military bases
- Any amendments that would expand financial institution liability under the Electronic Funds Transfer Act
- Granting the NCUA oversight over third-party vendors