Supporting military and veterans with purpose: How financial institutions can lead during Military Consumer Month

Each July, Military Consumer Month reminds us of the unique financial challenges facing service members, veterans, and their families—and the responsibility that credit unions are uniquely positioned to uphold. In the credit union movement, our strength lies in delivering real, personal, and enduring financial support—especially when it matters most.

Military life is marked by constant transition: active-duty families move every 2.5 years on average, and more than 400,000 service members receive Permanent Change of Station (PCS) orders annually. These frequent relocations, coupled with deployments and family separations, make financial planning especially complex.

But credit unions—particularly those with a history of serving military communities—can meet these challenges head-on. With our member-first, cooperative mission, our place within the financial services industry is uniquely unmatched! Credit unions are called to do more than offer products; we are here to build financial resilience in the communities that protect and serve our nation.

Whether it’s moving across the country or across the globe, military families need accessible, flexible financial services that move with them. That includes:

When one spouse deploys, the other often takes full responsibility for managing household finances. Offering automated bill pay, emergency support policies, and account alerts can reduce financial stress, provide peace of mind, and prevent unnecessary fees or disruptions during deployment.

Military families are five times more likely to be targeted by predatory lenders than their civilian counterparts, according to the Consumer Financial Protection Bureau (CFPB). Service members are also disproportionately impacted by identity theft and scams—especially during deployment.

Credit unions can be a powerful line of defense by providing military-focused financial literacy programs, offering customized fraud alerts, educating members on their rights under the Military Lending Act (MLA) and Servicemembers Civil Relief Act (SCRA), and partnering with trusted organizations like the Better Business Bureau (BBB) and the Federal Trade Commission (FTC) to strengthen consumer protections.

Financial readiness isn’t optional in the military—it’s mission-critical. According to the Department of Defense (DoD), financial strain is a leading cause of reduced readiness and family stress.

By integrating resources from the Military Family Advisory Network (MFAN), Department of Veterans Affairs (VA), and Financial Readiness (FinRed), credit unions can offer real value to members, including:

These tools empower our members to make confident, informed decisions that build wealth—not just stability.

This month and every month, let’s remember that our duty is not just to offer products, but to provide solutions that meet the complex and evolving needs of military life.

From low-interest loans designed for PCS moves to special deployment deferment options and emergency relief programs, credit unions have a unique opportunity to lead by example.

By tailoring services to our Nation’s military and veteran members, and their families, we reaffirm our cooperative mission and deepen our trust within one of the most deserving communities across America, and overseas.

As credit unions, we have always stood out for our commitment to people over profits. This Military Consumer Month, let’s renew that commitment to our nation’s heroes. Let’s build systems that protect, educate, and empower our military members—not just in July, but every day of the year.