How Credit Unions Help Military Families, Veterans, and Consumers Build Financial Stability

Access to credit can play a major role in building long-term financial stability — especially for military families and veterans navigating unique financial challenges.

Tony Hernandez, president and CEO of the Defense Credit Union Council, says credit unions have long supported families by helping them manage finances, access affordable loans, and prepare for the future.

Frequent military relocations can make budgeting difficult. Hernandez explains that credit unions often provide stability by offering low-interest loans, financial assistance programs, and strong community connections. These resources help families manage unexpected expenses during moves or deployments, allowing service members to focus on their duties while their finances remain secure at home.

Credit unions also support veterans transitioning into civilian life — particularly those starting businesses. Many former service members leave the military with valuable certifications and specialized skills, such as HVAC licensing, electrical work, or automotive training. Access to low-interest loans and trusted financial guidance can help them launch businesses and contribute to local economies.

Hernandez also highlighted proposed legislation that could affect how credit unions serve their members. One proposal to cap credit card interest rates at 10% could limit access to credit for individuals with lower credit scores, potentially making it harder for some consumers to qualify for credit cards. Another proposal, the Credit Card Competition Act, could alter payment processing systems in ways Hernandez says may increase fraud risk without guaranteeing savings for consumers.

For more information about credit unions or to find one near you, visit dcuc.org.

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