House Panel Advances Defense Bill Without Financial Services-Related Amendments
By CU Today Staff —
WASHINGTON—The House Armed Services Committee advanced its FY27 National Defense Authorization Act late last week without any financial services-related amendments, America’s Credit Unions reported.
Prior to the markup, America’s Credit Unions urged the committee to reject any potential amendments that would alter the current nominal land lease process for credit unions on military bases or change the current payments interchange system.
The Defense Credit Union Council said it appreciates the Committee’s work to advance its version of the FY2027 National Defense Authorization Act out of committee.
“This is an important step in the annual defense authorization process, and we commend Chairman Rogers, Ranking Member Smith, and members of the Committee for their continued focus on military readiness, quality of life, and the needs of those who serve,” stated DCUC Chief Advocacy Officer Jason Stverak.
Stverak pointed out DCUC engaged early and consistently on behalf of defense credit unions to ensure the priorities of member-owned, military-serving financial institutions were part of the FY2027 NDAA discussion.
“As we emphasized in our May 4 letter to HASC and SASC, financial readiness is mission readiness. Defense credit unions are not abstract stakeholders in the defense ecosystem; they are operational support institutions for servicemembers, veterans, military families, and Department of Defense civilians,” Stverak said.
The trade group’s May 4 letter urged Congress to treat military financial services as a defense-readiness issue and to advance targeted, bipartisan priorities that strengthen the ability of credit unions to serve the defense community.
Those priorities include establishing a Department-level advisory committee on military financial services, improving credit union liquidity tools, modernizing credit union governance, expanding responsible lending flexibility, supporting veteran entrepreneurs, and protecting the member-owned credit union structure from unrelated policy changes.
“As the FY2027 NDAA moves forward, DCUC will continue working with lawmakers in both chambers to advance policies that support defense credit unions and the military communities they serve,” stated Stverak. “Credit unions have repeatedly stepped up during shutdowns, pay disruptions, deployments, and other moments of financial stress with emergency loans, fee waivers, counseling, mortgage relief, and other direct support. Their role in sustaining financial resilience across the force should be recognized and strengthened in the final NDAA.”
Originally reported by CU Today.