The Defense Credit Union Council (DCUC) sent a letter to Chairman Rick Scott and Ranking Member Kirsten Gillibrand of the Senate Special Committee on Aging ahead of the hearing, “Empowering Seniors Through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence.”
In the letter, DCUC stressed the growing threat of financial fraud targeting older Americans, including military retirees and veterans, and highlighted the important role credit unions play in prevention, education, and member protection.
Older adults continue to face rising financial risks, with billions lost annually to scams, many of which go unreported. DCUC shared how credit unions are on the front lines helping seniors safeguard their finances, navigate retirement transitions, and avoid exploitation.
“Older Americans, especially veterans and military retirees, are increasingly targeted by sophisticated financial scams, making financial education and fraud prevention more important than ever,” wrote Jason Stverak, DCUC Chief Advocacy Officer. “Credit unions play a critical, trusted role in protecting these communities by providing accessible tools, personalized guidance, and proactive safeguards that help members maintain financial independence.”
Credit unions combine financial education with practical safeguards, often referred to as “fraud friction,” to stop scams before funds are lost. These efforts include targeted fraud alerts, retiree-focused education programs, and support for safe access to benefits through initiatives like the Veterans Benefits Banking Program (VBBP).
To support the Committee’s work, DCUC outlined several policy recommendations, including strengthening fraud prevention and recovery tools, expanding financial literacy programs, improving coordination between agencies and financial institutions, and modernizing federal resources to better serve seniors.
DCUC expressed its commitment to working with Congress and federal partners to advance practical, member-focused solutions that protect older Americans and promote long-term financial security.
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