Military Financial Services Protection Act of 2024

Bill: 118-hr-10488
Sponsor: full_name: Rep. Hill, J. French [R-AR-2]
Introduced: 2024-12-18
Policy area: Armed Forces and National Security
Latest action: action_date: 2024-12-18
text: Referred to the House Committee on Armed Services.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 10488 IN THE HOUSE OF REPRESENTATIVES December 18, 2024 Mr. Hill introduced the following bill; which was referred to the Committee on Armed Services A BILL To establish an advisory committee on military financial services in the Department of Defense, and for other purposes.

1. Short title This Act may be cited as the Military Financial Services Protection Act of 2024 . 2. Advisory Committee on Military Financial Services (a) Establishment There is established in the Department of Defense an advisory committee to know known as the Advisory Committee on Military Financial Services (in this section referred to as the Committee ). (b) Membership; chairman; meetings (1) Members The Committee shall consist of the following members: (A) The Under Secretary of Defense (Comptroller) or designee, who shall serve as Chair of the Committee. (B) Each Secretary of a military department, or designees. (C) The Under Secretary of Defense for Personnel and Readiness or designee. (D) The Undersecretary of Defense for Acquisition and Sustainment or designee. (E) The Comptroller of the Currency or designee. (F) The Chairman of the Federal Deposit Insurance Corporation or designee. (G) The Chairman of the Board of Governors of the Federal Reserve System or designee. (H) The Chairman of the National Credit Union Administration or designee. (I) The head of a nonprofit organization for military banking. (J) The head of a nonprofit organization for credit unions that serves members of the Armed Forces and veterans. (2) Designees A designee of a Committee member shall, at a minimum, be appointed to a Senior Executive Service position (as defined in section 3132(a)(2) of title 5). (3) Meetings (A) In general Not later than 30 days after the date of the enactment of this section, the Committee shall hold its first meeting. Thereafter, the Committee shall meet semiannually or at the call of a majority of the members of the Committee. (B) Quorum Seven members of the Committee shall constitute a quorum, but a lesser number may hold hearings. (c) Duties The Committee shall— (1) review the Military Banking Programs and any relevant rules relating to the Military Banking Programs; (2) not later than 180 days after the date of the enactment of this Act, and annually thereafter until the termination date specified in subsection (g), submit to Congress and the Secretary of Defense a report on— (A) the organization, implementation, and overall effectiveness of the Military Banking Programs and make recommendations for improvements to the Military Banking Programs; (B) the United States and foreign laws affecting the delivery of financial services and products to a member of the Armed Forces and any dependents of such member; (C) whether the terms and conditions established in all Department of Defense contracts or other agreements with any insured depository institution or insured credit union delivering financial products or services to such members and dependents are sufficient to promote the safety, soundness, efficiency, and effectiveness of such insured depository institutions and insured credit unions; and (D) the obstacles and incentives for insured depository institutions or insured credit unions to deliver financial products or services to such members and dependents on and outside military installations. (d) Powers of the Committee (1) Hearings and sessions For purposes of carrying out the duties referred to under subsection (c), the Committee or, with authorization of the Committee, any subcommittee or member thereof, may hold such hearings, sit and act at such times and places, take such testimony, and receive such evidence as is appropriate. (2) Powers of Committee The Committee may secure directly from any department or agency of the United States such information necessary to carry out such duties. Upon request of the Chairman of the Committee, the head of such department or agency shall furnish such information to the Committee. (e) Administrative provisions (1) Staff of Federal agencies Upon request of the Committee, the head of any Federal department or agency may detail, on a nonreimbursable basis, any of the personnel of such department or agency to assist the Committee in carrying out the duties referred to under subsection (c). Such detail shall be without interruption or loss of civil service status or privilege to the personnel. (2) Experts and consultants The Committee may procure temporary and intermittent services under section 3109(b) of title 5, United States Code, but at rates for individuals not to exceed the daily equivalent of the maximum annual rate of basic pay for GS–15 of the General Schedule. (3) Compensation and travel expenses A member of the Committee may not be paid for service performed as a member of the Committee. However, members of the Committee may receive travel expenses, including per diem in lieu of subsistence, in accordance with applicable provisions under subchapter I of chapter 57 of title 5, United States Code. (f) Applicability of FACA The Committee shall be subject to the provisions of chapter 10 of title 5, United States Code, except that the requirements for termination in section 1013 of such title shall not apply to the Committee. (g) Termination The Committee established under this section shall terminate five years after the date of the enactment of this Act. (h) Definitions In this section: (1) The term insured depository institution has the meaning given in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). (2) The term insured credit union has the meaning given in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ). (3) The term financial product or service has the meaning given in section 1002 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 ). (4) The term Military Banking Programs means— (A) the Overseas Military Banking Program of the Department of Defense (or a similar successor program); and (B) any program operated by the Secretary of Defense that provides financial products or services to a member of the Armed Forces and any dependents of such member.