Pro-credit union amendments in NDAA will benefit servicemembers
The critical National Defense Authorization Act (NDAA) should focus on supporting military readiness, and several credit union-related provisions would accomplish that goal. America’s Credit Unions President/CEO Jim Nussle outlined those provisions to help the financial stability of military members in a Credit Union Times op-ed. The House Rules Committee is considering the House version of the FY26 NDAA, while amendments are still being submitted for consideration in the Senate.
Out of the nearly 2,000 total amendments that have been offered, Congress should focus on several that would “have meaningful impact on the financial stability of our military members, as well as the safety of our nation’s financial system.”
These include:
- The Veterans Member Business Lending Act, which would exempt loans made to veteran-owned businesses from the credit union member business lending cap;
- Provisions to increase Community Development Financial Institution CDFI transparency and access to long-term capital and liquidity, including the CDFI Fund Transparency Act;
- The Central Liquidity Facility Enhancement Act, which would give small credit unions easier access to emergency liquidity in times of crisis; and
- The Financial Reporting Threshold Modernization Act, which would adjust thresholds for Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) that haven’t been updated for more than 50 years.
Lawmakers should also stand firm against adding the “Big Box Bailout bill” to place new interchange mandates, which would “would throw a wrench into the credit card processing system, even as 88% of consumers believe the current system works well,” Nussle wrote.
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