WASHINGTON—Active-duty servicemembers, veterans, and their families often face financial battles as daunting as their military duties, says Jason Stverak, who devotes many working hours to protecting the household balance sheets of our nation’s military.
Stverak, chief advocacy officer at the Defense Credit Union Council, spoke with CUToday.info about the growing and difficult financial challenges servicemembers face, and what he, DCUC and defense credit unions are doing to address those matters.
Stverak highlighted that payday lenders are among the biggest financial pitfalls for U.S. military members.
“Predatory lenders frequently cluster around bases to exploit young soldiers with instant cash at triple-digit interest rates, trapping families in cycles of debt,” said Stverak. “At the same time, the military lifestyle of frequent relocations and deployments wreaks havoc on family finances—military spouse unemployment stands at 21% (over three times the national average) as careers are interrupted by moves. Too many of our heroes struggle to find safe, affordable financial services amidst these challenges.”
These strains undermine not only household stability but even military readiness, as financial stress can distract from the mission, Stverak said.
Stverak also addressed this situation in a recent article in the Washington Reporter, which profiled the Defense Credit Union Council’s newest staff addition. Stverak, a former Senate deputy chief of staff, joined DCUC in April of last year, having moved from America’s Credit Unions where he served as deputy chief advocacy officer for federal government affairs. Stverak was also named as one of D.C.’s top lobbyists in 2022, 2023 and 2024.
In that profile, Stverak pointed out service members defend America on the battlefield.
Cruel Irony
“So, we need to take care of them at home,” he stated in the profile. “That means defending the credit union tax status, protecting credit card rewards from harmful regulation, ensuring that the Department of Defense works with financial institutions on bases, and pushing back on overreach from federal agencies like the Consumer Financial Protection Bureau or [the National Credit Union Administration when it would hurt servicemembers or veterans.”
Stverak added that it’s a “cruel irony that those who fight for our security come home to fight predatory loans and economic insecurity. They deserve better support.”
Stverak said defense credit unions have emerged as that vital support system embedded in the military community.
“These member-owned, not-for-profit institutions provide accessible, fair financial services tailored to military life, acting as a bulwark against predatory practices,” he said. “They offer lower-interest emergency loans and honest financial counseling, keeping service members away from payday traps. Many defense credit unions go beyond basic banking—running financial literacy programs on bases and in military neighborhoods to strengthen financial readiness.”
Stverak concluded by saying defense CUs understand the unique hardships of deployments and permanent change of station moves, often providing flexibility like deferred loan payments or special low-rate loans during those periods.
“Crucially, defense credit unions also invest in the future of veterans: through member business lending initiatives that empower veteran entrepreneurs, they help former service members launch small businesses and new careers,” he said. “In short, these credit unions are mission-driven partners in their members’ financial well-being, always adapting their services to the needs of those who serve our country. By putting people over profit, defense credit unions ensure no military family has to weather financial storms alone.”