America’s Credit Unions are urging the House Rules Committee to include two potential amendments and express opposition to two others in the FY27 National Defense Authorization Act.
Specifically, the association expressed support for:
Amendment 134 from Reps. Barry Loudermilk (R-GA) and Darren Soto (D-IL) to increase the Currency Transaction Report (CTR) filing threshold from $10,000 to $30,000 and increase the Suspicious Activity Report (SAR) reporting threshold from $5,000 to $10,000;
Amendment 651 introduced by Reps. Vicente Gonzalez (D-TX) and Gil Cisneros (D-CA) to exempt loans made to veteran-owned businesses from the statutory member business lending cap of 12.25 percent of assets.
Further, the association voices strong opposition to an amendment that would extend liability under the Electronic Funds Transfer Act (EFTA) to financial institutions for “fraudulently induced” transactions made by servicemembers.
It is also opposed to an amendment to suspend debit card surcharges for certain individuals with commissary privileges.
If commissaries cannot collect the fees necessary to reimburse the Treasury Department for processing the payments, the veterans and their caregivers covered by the amendment would not be able to pay with debit cards, leaving them fewer options to manage their finances. The NDAA is not the place to make such a significant change to commissary payments policies without a proper discussion of the impact. As such, we urge the Committee to reject this amendment,” the letter stated.
The House Rules Committee started meeting late yesterday to decide if any of these amendments would be included in the ones made in order for full House consideration. Overall, the rules committee will review over 1,300 filed amendments to NDAA legislation.