#2591: Why the Veterans Benefit Banking Program Marches to the Credit Union Mission...

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Defense Credit Union Council CEO Tony Hernandez joined us on the show to share the benefits of credit unions offering the VA's Veterans Benefit Banking Program (VBBP) to serve un- and underbanked veterans.

Tony says, initially, when the VA launched this program, credit unions were not included. But the DCUC worked hard to eventually get them included. And now it's credit unions' turn to help the estimated 250,000 un- and underbanked veterans out there get on a firm financial footing. The VBBP is an ideal stepping stone for that goal, as more than 50,000 veterans are already enrolled in direct deposit through the program.

The next hurdle Tony shares is the program being under the oversight of the Association of Military Banks of America (AMBA)—DCUC’s counterpart for military banks. He adds that the VA does not fully appreciate the difference between the two types of organizations nor the conflict of interest in having ABMA “vet” defense credit unions.

So there's still work to be done on the structural side. But the benefits the VBBP brings to the table for credit unions to offer is tremendous. For more details on this program and how credit unions can get involved, click here for Tony's CEO Update on the DCUC website.

In the meantime, enjoy our conversation with Tony. This topic represents the true spirit of people helping people -- or, in this case, people helping those who fought for our country. Check it out and let us know your thoughts.