Vance: Credit union saved me from ‘terrible mistake’

Vice President J.D. Vance is among many in the administration who recognize the impact of the credit union difference, as he recalled his credit union saving him from a predatory loan as a young Marine. Reflecting on his service at Marine Corps Base Quantico Wednesday, Vance said the Marines kept him from “one of the worst financial decisions” he could make.

“I was going to buy a used Honda Civic at one of those used car dealerships, and the dealership was kind enough to offer me the low, low interest rate of 21% to buy that used car,” he said. “And it was a Marine Corps gunnery sergeant, Gunny Arledge, who said, ‘You know what? Why don't you stop being an idiot? Go to Navy Federal Credit Union and get a better deal. And Gunny Arledge saved me from making a terrible mistake.”

“Thank you, Vice President Vance, for recognizing the important role that credit unions play in so many people's lives, and especially in those of our military men and women. Credit unions across the country serve more than 140 million Americans and are passionate about building their financial confidence and stability,” said America’s Credit Unions President/CEO Jim Nussle. “Their not-for-profit status allows them to offer those better rates, provide options to people who may not have strong credit, and be a trusted partner at life's most critical moments. We look forward to continuing to share the credit union difference with the Trump Administration and working to ensure all Americans can experience what it means to be a credit union member, just like Vice President Vance."

America’s Credit Unions continues to engage the administration and Congress on the value of the credit union tax status as tax reform discussions continue.

Stakeholders should encourage staff, boards, and members to use the Don’t Tax My Credit Union website to send a message to their elected officials in support of the tax status.