Senate Committee Sides with Credit Unions on Military Base Rent

The Senate Armed Services Committee has ignored efforts by bankers to gain the same free rent benefits that credit unions now receive on military bases.

Since the House version of the defense bill also does not include such a provision, it will be more difficult for advocates to add a rent provision as the defense bill works its way through the legislative process.

The Armed Services Committee on Wednesday released its version of the annual defense authorization legislation, and it does not contain any provision changing the rent benefit. The bill now goes to the Senate floor.

The House bill, currently being considered on the House floor would require the Pentagon to conduct a study on the availability of financial services on military installations.

For several years, banking trade groups have argued that they should be entitled to the same rent benefits that credit unions receive on military bases.

On another issue of interest to credit unions, during debate on the defense bill Tuesday, the House approved adding a marijuana banking provision.

The amendment, sponsored by Rep. Ed Perlmutter, D-Colo., would provide credit unions and banks with a regulatory safe haven for simply providing financial services to marijuana-related businesses in states where marijuana is legal.

The amendment, which passed by voice vote, mirrors legislation passed by the House earlier this year.

Senate Democratic leaders have resisted efforts to pass the marijuana banking bill in that chamber. Senate Majority Leader Chuck Schumer, D-N.Y., has said that the banking provision must be considered as part of a larger marijuana legalization measure.

Related:

Credit Unions Win First Round in Military Base Rent Fight

Colorado Gov. Polis: Pass Marijuana Banking Bill Now

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