Nussle: Defense credit unions are trained to serve military members

Credit unions have long worked with military members and families to educate and provide services, America’s Credit Unions President/CEO Jim Nussle said in response to a request made by Sen. Elizabeth Warren, D-Mass. Warren wrote to Defense Secretary Pete Hegseth Wednesday, calling on the Department of Defense (DoD) to freeze on contracts between the Department of Defense and all banks and credit unions operating on military bases until perceived issues with overdraft practices are addressed. 

"The credit union industry is committed to ensuring our servicemembers have a trusted place to turn during financial hardships and a partner to thrive during service and beyond. Defense credit unions are invested in the financial well-being of their members, and their collective services offered to educate members and help them achieve financial milestones are a huge benefit to the strength of our country,” Nussle said. “Credit unions have long worked with the DoD to provide services on military bases. The industry trusts that the DoD also works in the best interest of the military as it selects partners to support financial readiness.”

Credit unions have provided financial services on U.S. military bases since 1928 and on overseas DoD installations since 1967. A 2006 Federal Credit Union Act amendment affirmed the DoD discretionary authority to afford space on military bases at a nominal rate to credit unions.