ICBA Seeks Senate Amendment Creating Military-Banking Parity

Jun 06, 2018
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ICBA asked Sen. James Inhofe (R-Okla.) to offer an amendment to a defense spending bill that would promote competitive banking services on military bases.

In a letter to Inhofe, ICBA cited its support for a bipartisan amendment from Rep. Steve Russell (R-Okla.) promoting parity between banks and credit unions.

Banks on military bases are required to pay rent for the use of facilities, though tax-exempt credit unions may operate rent-free due to a decade-old law.

The Russell amendment, which had bipartisan support in committee and was preserved during House floor consideration of the spending bill, would require the Defense Department to accept the value of services provided by military banks as full payment for the space they occupy on military installations.

Read ICBA Letter to Inhofe
Read ICBA Letter to Russell