Homeless tents in San Francisco (Photo: Jason Doiy/ALM)
The NCUA has issued formal guidance affirming that credit unions are not barred from serving unhoused veterans, removing what advocates called a significant barrier to financial access for a vulnerable population.
The clarification came in a May 5 letter from NCUA Chairman Kyle Hauptman to the Defense Credit Union Council (DCUC), responding to a February request seeking parity with prior Federal Deposit Insurance Corporation (FDIC) guidance to banks. The NCUA stated that under current Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) and Customer Identification Program (CIP) rules, credit unions already have the authority to accept Veterans Affairs-issued photo IDs and use VA caseworker office addresses to help verify the identity of veterans without permanent residences.
Recommended For You
“NCUA supports credit unions’ ability to create effective, risk-based BSA/AML policies and CIP procedures that facilitate unhoused veterans’ access to the financial system,” Hauptman wrote.
DCUC welcomed the response as a “meaningful step forward.” DCUC President/CEO Anthony Hernandez said, “This clarity is not just a regulatory interpretation — it is a recognition of the moral imperative to serve those who sacrificed for our country.”
Jason Stverak, chief advocacy officer at DCUC, emphasized the broader impact: “By confirming that unhoused veterans can be served under existing CIP regulations, the NCUA has empowered credit unions to confidently take action that aligns with both their mission and the values of the military communities they serve.”
The decision aligns NCUA’s guidance with the FDIC’s and supports federal efforts to reduce veteran homelessness by expanding access to essential financial services like benefits deposits, savings accounts and secure housing payments.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
