Article

Four Strategies for Enriching the Financial Lives of Veterans

Couple speaking to a woman
John Pesh, CCE Photo
Director of Executive Benefits
CUNA Mutual Group

5 minutes

Discover how your credit union can make a meaningful impact on veterans’ financial wellness with four strategic approaches to support and empower those who served.

Freedom isn’t free. Neither is life after military service. Even the small joys of everyday life come at a significant cost for veterans of all ages and backgrounds. Challenges to mental and physical health, financial wellness and a stable place to call home top the long list of obstacles facing active, returning and long-since-returned service members. 

Credit unions, rooted in the ‘people helping people’ mission, are in a unique position to offer support. Just given the fact that veterans make up 6 percent of the U.S. adult population, nearly every credit union in the country has a connection to the important programs operated by these organizations.1 

Through my own experience as both a military and a credit union industry veteran, I have seen partnerships between service members and credit unions have a meaningful impact. Yet, there is room for improvement. If your credit union would like to enrich the veteran community in your area, here are a few ideas. 

Partner with Veterans’ Organizations

Credit union staff are specialists at personal finance. Veterans’ organizations are specialists at supporting their clients. Putting these two heads together to develop programing could be both highly effective and efficient. Here are some available resources to get you started:

  • Veterans Business Outreach Centers (VBOCs): VBOCs are a great way to offer entrepreneurial training, mentorship and financial services for veteran-owned businesses. These programs include a full range of support, such as business plan development, government contracting assistance and access to micro-loans.
  • Veterans Benefits Banking Program (VBBP): Launched in partnership with the U.S. Department of Veterans Affairs (VA), the VBBP allows credit unions to offer veterans access to safe, low-cost banking services and financial education. By leveraging the VBBP, your credit union may strengthen its relationship with veteran members, offering stronger financial stability and enhancing your outreach efforts. 

Get Intentional about Financial Inclusion

Lean on solutions like direct deposit products and credit builder loans to create campaigns for service members and their families. Many veterans’ organizations are designed to help the soldier only; credit unions can fill in the gaps by expanding their services to children and spouses who may also be struggling to enter or maintain a foothold in the financial mainstream. In addition to available financial products, make the credit union a place people can turn to through support activities. Below are a few things to explore. 

  • Financial literacy and transition-assistance workshops/seminars/webinars: Offer tailored financial education that focuses on budgeting, managing finances and using VA benefits effectively.
  • Establish an ERG. Often, the best community outreach programs are developed by people who share the same background as the individuals they are trying to reach. Credit unions with veteran employees can leverage this strategy by establishing a veterans’ employee resource group (ERG) with a charter to support not only their own internal community but external groups, as well. 
  • Recognition and appreciation events: Host celebrations, appreciation luncheons and awards ceremonies to honor local veterans and their service.

Expand Your Financial Support With Charitable Donation Accounts (CDAs)

Last year, the NCUA expanded the definition of a charity eligible for donations under a CDA to include veterans service organizations under 501(c)(19). Through this expanded power, credit unions have an even greater opportunity to make a meaningful impact in the lives of our nation's veterans. 

CDA contributions directly benefit veterans and their families by addressing critical gaps in support, with dollars helping to ensure these individuals receive the care and assistance they deserve. Credit unions may invest up to 5% of net worth in non-703/704 investments that dually support charitable giving, as well as the credit union’s bottom line. 

Active and Intentional Veteran Support Accelerates the Credit Union Mission

Supporting veterans after military service requires more than appreciation; it demands meaningful action. People-centric credit unions are uniquely positioned to collaborate with veterans' organizations to offer financial support, education and resources tailored to the needs of service members. By forming partnerships, promoting financial inclusion and leveraging charitable donation accounts, credit unions could earn the trust of veterans and their families, making a difference in their lives and accelerating their own mission along the way.

A U.S. Navy veteran and long-time credit union advisor, John Pesh is a director for Trustage™ Executive Benefits Solutions who dedicates his time to helping credit unions optimize their executive benefits program. He is also a contributor to the TruStage Veterans ERG and a frequent visitor to the local VA hospital where he helps coordinate group activities for patient treatment programs.

1United States Census Bureau, Veterans Day 2024: November 11, October 16, 2024
The views presented here are the author’s alone and not necessarily representative of opinions held by LPL Financial or any affiliated entity.
TruStage is not affiliated with LPL Financial or its affiliates.
TruStage™ is the marketing name for TruStage Financial Group, Inc., its subsidiaries, and affiliates. Certain brokered insurance products from various insurers may be offered through CUNA Mutual Insurance Agency, a subsidiary of TruStage Financial Group. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. For more information, contact your Executive Benefits Specialist at 800.356.2644.
Securities and advisory services, when presented, are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Certain insurance products may be offered through LPL or its licensed affiliates. Registered representatives of LPL offer products and services as part of the executive benefits plans at CUNA Mutual Group. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of CMFG Life Insurance Company or CUNA Mutual Group. Securities and insurance offered through LPL or its affiliates are: Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value
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