Language that would have allowed banks rent-free access on military bases not included in bill

Language that would have allowed banks to operate rent-free on military bases will not be included in the National Defense Authorization Act for fiscal year 2022.

On behalf of member credit unions, the New York Credit Union Association previously called on the U.S. Senate Armed Services Committee and members of the House of Representatives to continue the practice of allowing qualified credit unions to serve military and federal personnel on military bases at nominal rates — but not to extend the practice to non-qualifying for-profit institutions.

“Banks have argued for access to this provision for ‘parity’ between credit unions and banks,” William J. Mellin, the Association’s president/CEO, stated in a letter to committee members last month, including New York state’s Sen. Kirsten Gillibrand and Reps. Elise Stefanik and Joseph Morelle. “While we do believe in a level playing field with our for-profit counterparts, we hold that this is not the route to obtain it.”

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