LSCU writes to Congress on NDAA

The LSCU has written a letter to its Alabama and Florida delegation members who sit on both the House and Senate Armed Forces Committees. The letter is in opposition to a provision in the House version of the National Defense Authorization Act (H.R. 5515) that would exclude credit unions from the current resources furnished to […]

The LSCU has written a letter to its Alabama and Florida delegation members who sit on both the House and Senate Armed Forces Committees. The letter is in opposition to a provision in the House version of the National Defense Authorization Act (H.R. 5515) that would exclude credit unions from the current resources furnished to them on military bases.

Current law, under Section 124 of the Federal Credit Union Act, exempts on-base credit unions’ costs related to leases, utilities, and services on military bases. Section 2808 of the House version of NDAA was intended to treat Federal or State chartered insured depository institutions (credit unions and banks) equally with respect to the financial terms of leases, services, and utilities, however, definition of “insured depository institutions” excludes credit unions. The Senate version of the legislation does not contain this provision.

While LSCU believes this was an unintended error, it was not corrected before final passage of H.R. 5515 in the House and therefore, needs to be removed during the House and Senate’s conferencing on the NDAA.

LSCU’s letter was sent to Senate Armed Services Committee member Bill Nelson (D-FL) as well as House Armed Services Committee members Mo Brooks (R-AL), Bradley Byrne (R-AL), Mike Rogers (R-AL), Matt Gaetz (R-FL), and Stephanie Murphy (D-FL). We will continue to keep you informed on this as the legislation moves into the conference process.

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About Us

The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

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