Serving Those Who Serve: How Credit Unions Uphold the Financial Well-being of America’s Military Families / THE feature / CUToday.info

By Scott Simpson and Anthony Hernandez

Every Veterans Day, we pause to honor the men and women who have stood guard for our freedoms. For credit unions, that recognition of their service doesn’t end at the close of their military career. It continues every day at the teller line, on base, and in the communities our heroes call home.

Credit unions are proud to serve those who have served, helping active-duty members, veterans, and their families build brighter futures with the same dedication and integrity they’ve shown our nation.

Credit unions were founded more than a century ago to uplift Americans through people-powered finance, and that purpose remains just as vital today. From basic training to retirement, credit unions help military families thrive because financial readiness is mission readiness.

We know the bond between credit unions and the armed forces runs deep. Defense credit unions were first chartered during World War II to meet the needs of military personnel far from our borders. According to the Department of Veterans Affairs, there are more than 18 million veterans across the country, in every zip code. Many military members and veterans stay in close proximity to their assigned duty stations, and with nearly 200 defense credit unions, their trusted financial partner remains close to support them through every milestone.

A Relationship Built On Shared Values

Unlike for-profit banks, credit unions are owned by their members and reinvest earnings into better rates, lower fees, and community programs. That cooperative model is more than a business structure. It’s a promise that every decision begins with the people we serve.

The relationship between military members and their credit unions isn’t transactional, it’s built on shared values of service, sacrifice, and community. U.S. Vice President J.D. Vance turned to Navy Federal Credit Union when he needed help getting a fairly priced car loan early in his career as a Marine. And he isn’t the only one whose young financial journey was shaped by a credit union. The partnership between defense credit unions and their members is a demonstration of trust and shared mission, and transformational impact on people’s lives.

For more than 90 years, military-focused credit unions have stood shoulder-to-shoulder with America’s servicemembers, veterans, and their families, ensuring financial readiness, stability, and opportunity wherever duty calls. As credit unions’ advocates in Washington, we’re relentless in making sure the credit unions who serve them are given the opportunity to modernize their services as needs change and new technologies become available, such as digital access for deployed servicemembers. We’ve also worked with lawmakers to make sure that financial readiness and literacy programs are available to servicemembers transitioning to civilian life and made sure that the Servicemembers Civil Relief Act and the Military Lending Act gave veterans the flexibility they need when their deployments interfered with their financial planning.

We are proud to advocate for our veterans and servicemembers. Every community faces hardships differently and needs tailored support. For military families, the stakes are especially high during moments like a government shutdown, when pay can stop even as duty continues. Defense credit unions—and hundreds of other credit unions across the country—are offering their members support through this financial uncertainty, including paycheck advances, 0% interest loans, waived fees, and loan modifications.

Serving Side By Side

As our women and men in uniform demonstrate to us, we are strongest when we serve side by side. In Washington and in state capitals across the country, America’s Credit Unions and DCUC work together to ensure that the financial well-being of military families remains protected. Together, we defend the not-for-profit credit union model that keeps member needs, not shareholder profits, at the heart of every decision.

We advocate for programs, legislation, and regulations that strengthen financial stability for servicemembers and their families. That advocacy spans securing safe access to credit, opposing harmful interchange laws, preserving the CDFI Fund, addressing affordable housing and homeless veteran issues, and advancing bills like the Veterans Member Business Loan Act and the annual National Defense Authorization Act. Each of these policies is focused on servicemembers’ military and financial readiness.

These policies do more than shape balance sheets; they shape lives. When servicemembers can focus on their mission knowing their family’s finances are secure, our nation is stronger for it. That’s what true readiness looks like, and it’s what our joint advocacy strives to protect every day.

For defense credit unions, their commitment to their members doesn’t end when the uniform comes off. These credit unions remain steadfast partners through every stage of the military journey. From supporting active-duty members as they build financial security, transition into civilian careers, to reintegrating into the communities they call home. Earlier this year, Cobalt Credit Union in Nebraska helped a local veteran and his family remain in their longtime home with a $25,000 donation through its foundation. More than a decade ago, Abound Credit Union in Kentucky helped a veteran pivot his experience to entrepreneurship and launch a local running shoe business that continues to thrive to this day.

A Lifelong Commitment

These are just a few examples of the lifelong commitment credit unions have: to serve those who serve us, not just in times of deployment or transition, but across the full military lifecycle.

Fulfilling that promise takes partnership. Together with Congress, the Department of War, and local financial cooperatives, we continue working to safeguard access to fair, affordable, and dependable financial services that strengthen military families and, by extension, our nation’s readiness.

This Veterans Day, DCUC and America’s Credit Unions stand united in honoring the men and women who defend our freedoms, and in celebrating the credit unions that stand guard over their financial well-being.

 Scott Simpson is President and CEO of America’s Credit Unions and Anthony Hernandez is President and CEO of the Defense Credit Union Council.