WASHINGTON—Some credit union industry leaders across the country may be quietly planning to lobby lawmakers to attach pro-CU amendments to the National Defense Authorization Act (NDAA)—a move the Defense Credit Union Council warns could backfire on the industry.
DCUC announced Tuesday that it has called a special meeting for credit unions to address the issue. The meeting is set for next Tuesday at 1:00 p.m. ET.
DCUC has consistently urged that the NDAA remain a “clean” bill, with only provisions directly related to military matters. America’s Credit Unions has echoed that position this summer, warning that adding unrelated amendments could open the door to harmful legislation.
DCUC’s biggest concern: that the NDAA could be used as a vehicle for the Credit Card Competition Act (CCCA), which it views as a serious threat to credit unions and their members. As CUToday.info previously reported, DCUC believes there’s a strong possibility that Sens. Roger Marshall (R-KS) and Richard Durbin (D-IL) may try to use the NDAA to push the CCCA forward.
As CUToday.info also reported, Marshall and Durbin this week have developed an amendment to the NDAA that would call for a “study” on credit and debit card interchange fees at military commissaries.
“I am not sure where the list of proposed NDAA initiatives came from or who developed it on behalf of the industry. I understand it was a large list,” DCUC President and CEO Anthony Hernandez told CUToday.info. "To be honest, most of the ones I heard of are either not germane to national defense or are a bit misguided. Plus, I am not aware of any of our member credit unions asking for these to be included in the NDAA. The regulatory burdens would be enormous.”
Hernandez said next week’s meeting would be beneficial for the movement.
“In the spirit of collaboration, we should all discuss each proposal and let leaders decide which course of action they would like to take on behalf of their members," he said.
Congress will resume action on the NDAA in September when it returns from recess.
“DCUC values the opportunity to stand shoulder-to-shoulder with our fellow trade associations, leagues, and business partners on every issue that impacts our members and the industry,” Hernandez concluded.