U.S. Capitol building. (Source: Shutterstock)
Tuesday night, the U.S. House of Representatives, in a vote of 363-70, passed its version of the fiscal year 2022 National Defense Authorization Act (NDAA) for the second time in three months. For credit unions, the bill appeared to keep the status quo as in previous bills.
As in the past, the bill did not include language to allow banks to expand their presence on military bases where credit unions are allowed to exist nearly rent-free on many bases due to the not-for-profit status. This, as in the past, was considered a win for credit unions.
"Credit unions have successfully demonstrated their value and commitment to military members and their families, which is why the House has rejected expanding the arrangement between credit unions and the Department of Defense throughout this process," CUNA President/CEO Jim Nussle said.
While the military base subject has consistently been an issue that NAFCU and CUNA have successfully lobbied for in previous years, this time around both organizations attempted to encourage lawmakers to include two new topics into the NDAA: The SAFE Banking Act and remote notary standards.
While the Secure And Fair Enforcement (SAFE) Banking Act was included in the previous House version of the bill passed in September, it was excluded in Tuesday's version. According to CUNA and NAFCU, the SAFE Banking Act would allow credit unions to serve cannabis-related businesses in states that have legalized marijuana.
CUNA Deputy Chief Advocacy Officer Jason Stverak said, "Passing the NDAA is an important annual milestone for Congress, and we are disappointed the SAFE Banking Act provisions were not included in the final bill. Its bipartisan support in both chambers proves that it is a common-sense solution for our country's evolving stance on cannabis policy. We look forward to working with Congress to make this bill law in the new year."
As with the SAFE Banking Act, the remote notary issue was included in the previous version of the bill, but was excluded in the most recent version passed on Tuesday. The amendment would have authorized the use of remote online notarization and created national standards and protections for financial institutions that use it.
Since the pandemic began, credit unions have pushed to have remote notary authority as a safer way to notarize documents. In April of 2020, Iowa passed a bill allowing for remote online notarizations during the height of credit union branch closures and COVID lockdowns.
After Iowa passed the bill, Iowa Credit Union League President/CEO Murray Williams said, "While we knew at the time that some Iowans had barriers to visiting their credit union in person, none of us could have imagined the current situation. We thank Governor Kim Reynolds for the swift action that enables credit unions to harness the power of technology to help Iowans buy homes and refinance mortgages in a manner that is safe during this difficult time."
NAFCU and CUNA stated this week that they would continue pushing on the remote notary issue and the SAFE Banking Act going forward. For now, those two issues will have to wait as the priority focus becomes getting the NDAA passed in the Senate.
Nussle said, "This bill is a must-pass by the end of the year, and we'll remain engaged as the Senate moves it forward as well."
The new bill will head to the Senate, where lawmakers on that side have been unable to pass a version so far this year.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
