By Jim Nussle and Anthony Hernandez
Credit unions are incredibly honored and proud to serve our nation’s servicemembers. For nearly 100 years, veterans, active duty servicemembers, and their families have sought out credit unions to provide needed financial services at every stage of their lives.
With a shared focus of service, credit unions play a critical role for military members and their families—often as their very first financial institution and growing with them through life’s changes from generation to generation.
Anthony Hernandez
Credit unions are committed to supporting servicemembers with safe, affordable, personalized and accessible financial services. Because when Americans are financially resilient, they are empowered to be the best versions of themselves—whether that’s during active service to our country, strengthening Main Street by starting a small business, or contributing to vibrant communities. Military members protect the American Dream, and credit unions are here to help people fulfill it.
This commitment to serving the military is reflected in the significant number of defense credit unions. Today defense credit unions serve well over 40 million members and their families, making up over a quarter of all credit union members in the United States. Each credit union specializes in offering financial services to members of the military, with training and experience to address the unique financial challenges that face our men and women in uniform every day. From handling irregular pay cycles, deployment gaps, and frequent relocations, to offering programs that support early‑pay, credit‑builder, and financial‑readiness programs—defense credit unions ensure military members are financially strong for life during and after service.
That commitment is also reflected in credit union advocacy efforts. Nearly 25% of veterans want to start a small business and 75% cite challenges in starting and growing that business. Small Business Administration loan data shows that veteran-owned business financing growth lags at 48% in comparison to 82% growth for non-veterans. The Veterans Member Business Loan Act, introduced in the House and Senate, aims to provide veterans with more business loan options and greater access to capital through their trusted credit union, by excluding loans made to veteran businesses from the credit union member business loan cap.
Jim Nussle
Advocates For Military Members
When Congress works to pass the National Defense Authorization Act (NDAA) each year, credit unions are visible and vocal advocates for their military members. By working to keep the bill focused on military issues and ensuring continued access to credit unions on military bases, credit unions help prevent amendments that could create hardships and financial burdens for our country’s military.
And with efforts underway right now to protect the credit union tax status in the budget reconciliation bill, the 142 million hardworking Americans who depend on a credit union—including servicemembers and veterans—are at the forefront. Whether it is by defending access to credit union financial services or working one-on-one with servicemembers to reach their financial dreams, defense credit unions’ focus on members never wavers. These credit unions routinely provide robust financial education to members, pairing every account with transparent disclosures and counseling. Simply, defense credit unions give the military community stable, mission-aligned-banking, and actively shield troops from payday lenders outside the gates and save the government and more individual members’ money.
U.S. Vice President and Marine Corps Veteran J.D. Vance recognized this fact when he shared how he qualified for an affordable car loan from Navy Federal Credit Union. It saved him from a predatory, high-interest car loan from a dealer located just outside the base that he says would have been “one of the worst financial decisions” he could make.
Credit unions’ relationship with servicemembers is not just about dollars and cents. Like military members’ commitment to protecting our nation, credit unions are committed to protecting the financial future of servicemembers and their families. We are honored to serve the military community all these years and are grateful to have the trust of our brave servicemembers. When our servicemembers thrive, so does the entire country.
Memorial Day is an opportunity to recognize the tremendous sacrifices our servicemembers make every single day, and those who made the ultimate sacrifice, to keep the United States safe. On behalf of the entire credit union industry, we extend a heartfelt thank you to our veterans, active-duty members, and their families.
Jim Nussle is president/CEO of America’s Credit Unions. Anthony Hernandez is president and CEO of the Defense Credit Union Council.