Credit Unions Honor Those Who Served the Country on Veterans Day and Beyond

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Veterans Day is more than just a day off of work: It is a powerful reminder of the sacrifices made by countless men and women to protect and serve our nation. For those who had the honor of serving, this day holds a special place in your hearts as you reflect both on your own service and that of fellow veterans across generations. The credit union industry deeply values the opportunity to serve veterans’ financial needs and maintains a strong appreciation for veterans’ service to our country. In spirit of that service, credit unions continue to prioritize ensuring and protecting veterans’ financial prosperity, building meaningful and enduring connections with these important members within their local communities.Over the years, the role of defense credit unions has grown beyond basic financial services to include robust educational programs aimed at financial resilience for military and veteran families.Credit unions embody a philosophy of “people helping people,” a principle that resonates deeply with those who have served our country. In their commitment to veteran members, credit union leaders and staff provide distinctive services that reflect the values of resilience, trust and accountability that veterans hold dear.By understanding and addressing the unique needs of this vital segment of the population, credit unions continue to positively impact their communities today. Credit unions serve as a vital platform for individuals seeking financial stability, offering support during natural disasters and creating opportunities for growth through grants and scholarships. Through these initiatives, credit unions empower others to achieve a brighter financial future and a more prosperous life.Credit unions also have a long history of assisting veteran members, especially during government shutdowns – offering specialized financial services such as advances, short-term loans, hardship extensions and deferred payments to members who missed paychecks. This critical support allows members to pay their bills on time and avoid financial hardship. Credit unions also offer guaranteed pay for military and veteran members with direct deposit. This program is essentially a no-interest loan that is settled once pay is restored following passage of the defense appropriations bill or continuing resolution. Military and veteran members do not need to apply for this loan, it is automatically initiated during a government shutdown, which is a huge relief for military and veteran families.Supporting veteran-owned businesses is another cornerstone of this mission. Credit unions advocate for bills like the Veterans Member Business Loan Act, so they can do more for veteran entrepreneurs. By exempting loans to veteran-owned businesses from the arbitrary, government-imposed 12.25% lending cap, more credit unions could provide additional capital where it’s needed. Credit unions recognize that small businesses – veteran-owned, minority-owned or family-owned – are critical to the nation’s economy. They are built for Main Street, with the goal of providing safe and affordable financial services. Defense credit unions are uniquely positioned to serve veterans as they work to start small businesses and when transitioning to the private sector. Credit unions remain committed to helping America’s small businesses while maintaining safe liquidity ratios. By championing veteran entrepreneurs, credit unions continue to strengthen the backbone of our economy and provide support to those who may be struggling to adjust to civilian life.In addition to our veteran member business lending efforts, the credit union industry is looking to Congress to support initiatives designed to improve financial literacy within the military. This Veterans Day, as we consider the impact we want to have moving forward, language to advance financial education efforts for our service members is being considered for this year’s National Defense Authorization Act. It’s a cause that is not only valuable to members of the military and their families, but is core to credit unions’ commitment to financial empowerment. Financial stability is crucial in a time of a lot of unknowns, and credit unions aim to be lifelong partners, helping individuals from enlistment to retirement.To all the veterans who are members of credit unions, and to all veterans across this great nation: Thank you for your sacrifices and contributions to make this world a better place than you found it. Veterans Day may come once a year, but the legacy of service lives on every day, in every branch of the military and in every corner of our communities. Through credit unions, we honor that legacy by helping individuals build brighter financial futures and stronger communities. Thank you for your service, and thank you for continuing to inspire us all.

Jim Nussle is President/CEO for America’s Credit Unions in Washington, D.C.