House Committee Approves Defense Bill That Would Provide Credit Unions—But Not Banks—With Free Rent

A House committee late Wednesday approved legislation that would continue to provide credit unions—but not banks—free rent on military installations. Voting just before midnight, the House Armed Services Committee approved its version of the huge annual defense authorization legislation 56-0. The bill now goes to the House floor. The bill does not change the rent provision that has been contained in the annual defense bill during the past several years. That provision provides credit unions with free rent on military bases as long as 95% of the membership serviced by the branch are military members. Banks are not provided with

House Recovery Bill Ignores NCUA Requests for Member Business Lending Boost, Capital Requirements Decrease

The coronavirus relief bill unveiled by House Democrats Tuesday would not increase the credit union Member Business Loan cap or decrease capital standards—two major priorities of the NCUA and credit union trade groups.

The $3 trillion, 1,800-page bill includes about $1 trillion in aid to states and local government, as well as extended unemployment benefits and additional stimulus payments to taxpayers. It also would provide a safe harbor for financial institutions providing services to marijuana-related business.