The ABA Foundation today announced it has entered into a formal agreement with the Association of Military Banks of America to support the Veterans Benefits Banking Program with the goal of ensuring that U.S. veterans have safe and easy access to their monetary benefits. The foundation will serve as AMBA’s 501(c)(3) nonprofit fiscal sponsor for managing donations that fund the VBBP and will encourage banks of all sizes to join the initiative.
AMBA and the Department of Veterans Affairs founded the VBBP in 2019. The program’s primary objectives are to establish and maintain a marketplace of military and veteran-friendly banks and credit unions committed to banking veterans, beneficiaries, survivors and caregivers. The VBBP also offers VA beneficiaries a free financial or credit counseling session with an accredited financial counselor or a certified credit counselor and provides unbiased financial education, resources and information. The foundation plans to launch a campaign to encourage banks to participate in the program, which is open to both ABA and AMBA members and non-members.
“The Veterans Benefits Banking Program has already helped more than 250,000 veterans gain access to the banking system, and we hope to grow that number as part of our longstanding commitment to reduce the number of unbanked and underbanked Americans,” ABA Foundation Executive Director Lindsay Torrico said.