Markets Wired

Federally Insured Credit Unions Serve More Than 14 Million Service Members and Veterans

ALEXANDRIA, Va. (Nov. 9, 2017) –National Credit Union Administration Board Chairman J. Mark McWatters and Board Member Rick Metsger today issued statements on the eve of Veterans Day.

“Veterans’ Day is a day of recognition, reflection, and inspiration,” McWatters said. “We honor the men and women who have served in our country’s armed forces and their courage, skill, and devotion to our nation and its ideals. We acknowledge the sacrifices they and their families made, and we draw inspiration from their example. More than 14 million American service members, veterans, and their families belong to credit unions, and the credit union community will continue to support those who serve and meet their financial needs. In that same spirit, I will continue to be their advocate.”

“Our nation has a continuing obligation to veterans and to active-duty personnel, and credit unions plays their part by providing affordable financial services,” Metsger said. “When NCUA updated its field-of-membership rule last year, we added a provision to include within a credit union’s common bond honorably discharged veterans of any branch of the United States Armed Forces listed in its charter, which allowed them to continue their eligibility for  membership beyond active duty. It’s another way we can support service members and their families.”

The NCUA offers information tailored for members of the military and their families on its Pocket Cents (opens new window) consumer information website.

Veterans currently make up 17 percent of the NCUA’s employees and 12 percent of its senior staff. The agency has been recognized for its efforts to recruit veterans to its workforce. NCUA ranked second among mid-sized federal agencies in the 2016 Partnership for Public Service report (opens new window) as a “best place to work” for veterans.

The NCUA’s offices will be closed Nov. 10 in observance of the Veterans Day holiday.