NDAA Passes House With Two CU-Supported Measures Included
The FY22 National Defense Authorization Act (NDAA) passed the House of Representatives on Thursday. In wins for credit unions, the legislation includes the Secure and Fair Enforcement (SAFE) Banking Act and language that would authorize the use of use remote online notarization and create national standards and protections for its use.
Also notable: The bill does not contain a bank-requested expansion of an arrangement allowing waivers for certain costs for credit unions on military installations.
The SAFE Banking Act has taken on new importance here in Virginia with the state's recent move to legalize cannabis use for adults. Unfortunately, the Virginia General Assembly has not yet addressed the banking issues surrounding legal cannabis-based businesses.
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