Defense credit unions champion military members, families

Congress should recognize the role of credit unions in serving military members and their families, CUNA and the Defense Credit Union Council wrote to the House Oversight and Reform Subcommittee on National Security this week. The subcommittee conducted a hearing on protecting servicemembers and veterans from fraud.

“We hope the committee will recognize the role of defense credit unions have in educating servicemembers and veterans about these risks, particularly as the number of scams targeting the military community continues to grow,” the letter reads. “Defense credit unions do an amazing job in putting our members financial interest first—ahead of profit. With our dedicated service, not-for-profit structure, and a well-established ethos, we are confident America’s credit union can continue to provide this necessary training.”

The letter also notes defense credit unions:

• Were the first to fill the financial services void for remote military installations since the law prohibits DoD from providing these services and banks did not see much profit.
• Have a strong commitment in building financial readiness are part of the services they provide to military members and families.
• Are the first line of defense against many unscrupulous and predatory actors located off the installation.