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The next is the transcript of the interview with USAA CEO Juan Andrade that aired on “Face the Nation with Margaret Brennan” on Nov. 2, 2025.
MARGARET BRENNAN: We’re joined now by Juan Andrade, CEO of monetary providers firm USAA. Lots of its almost 14 million clients are within the navy or veterans, and he joins us from San Antonio. Sir, Secretary Bessent stated on this program simply final Sunday that by November 15, the troops and repair members aren’t going to be paid. What stage of hysteria are you seeing amongst your clients?
USAA PRESIDENT JUAN ANDRADE: Margaret, thanks for having me in your present. What we’re seeing right now is uncertainty, anxiousness and, for some, actual hardship, and that is actually inside the- the lively responsibility neighborhood. It is also vital to notice that 30% of federal staff are additionally veterans or navy spouses. So that is greater than an affect to a family finances. This could actually undermine morale and focus, and our purpose is to supply stability for people who find themselves residing paycheck to paycheck and who’re frankly shedding floor.
MARGARET BRENNAN: Properly, I’ve seen that you simply’re providing curiosity free loans to clients. Is- is that everybody, or simply particularly lively responsibility navy? And- and if they cannot qualify for a mortgage, what do they do?
ANDRADE: So we’re providing our authorities shutdown program to all eligible members of USAA. In order you stated, that is at the moment about 14 and a half million folks, and at this level, we have acted swiftly and decisively. Within the first 48 hours of the shutdown, we funded 150 million in zero curiosity loans. We at the moment are as much as 400 million up to now. However that is additionally along with cost extensions that we have finished on bank cards, auto loans, mortgages. We have additionally waived charges for overdraft and we have additionally had versatile insurance coverage preparations throughout our property, casualty, life and medical insurance companies.
MARGARET BRENNAN: 4 hundred million in zero curiosity loans. So individuals are already seeking to attempt to determine make ends meet. We appeared, and 1 / 4 of all lively responsibility navy members are meals insecure, in keeping with the Division of Agriculture, that was effectively earlier than this shutdown. Which means they do not have a great food regimen, or they are not capable of afford meals. We already noticed pressure on a variety of that lively responsibility navy. Are you able to give us a way of- of what this implies for somebody now, to- to have a look at the calendar and know November 15, there isn’t any pay coming?
ANDRADE: Yeah, and- and- and I agree this is without doubt one of the explanation why we have already funded 400 million in loans at this cut-off date. Individuals are making ready for an unsure time frame, and this is essential to them, significantly if we take into consideration our youthful enlisted and significantly these with households. Twin incomes in navy households isn’t a luxurious, it is a necessity. So these are those that we’re very fearful about, and we wish to guarantee that they’re steady by means of this time period. The opposite a part of this, and albeit, the explanation for doing these zero curiosity loans is we wish to guarantee that they do not flip to excessive rate of interest payday loans or excessive rate of interest bank cards on the similar time.
MARGARET BRENNAN: And the unemployment charge amongst civilian navy spouses is nearly 5 instances the nationwide common, to your level, that they want twin earnings. Many cannot do this, however the Congressional Funds Workplace projection is that there shall be an financial value, that the shutdown itself might result in seven to 14 billion in misplaced development. What is the affect on the communities like yours, the place you had been residing, down in Texas, you already know, in areas the place there are bases round this nation?
ANDRADE: Positive, I believe you see it in just a few methods. I believe one is unquestionably on client spending. Proper now, individuals are prioritizing fundamental wants, whether or not it is well being or meals at this cut-off date, in order that they’re undoubtedly slicing again on- on discretionary spending. I believe that is a part of that. The opposite facet of it’s you are going to see extra people who find themselves meals insecure, and this is without doubt one of the explanation why now we have additionally been supporting our native communities. Our workplaces are all positioned close to main navy installations, and now we have donated thousands and thousands to navy assist societies who’re finest positioned to supply meals and different providers in installations, and we have additionally been donating to native meals banks in our communities.
MARGARET BRENNAN: So how does this examine to the final prolonged shutdown that we had through the first Trump administration?
ANDRADE: The- the final shutdown mainly has not- didn’t final as lengthy. I believe that was an enormous a part of that. And we additionally had the knowledge that the navy can be getting paid. Now, clearly, up till now, they’ve been getting paid. The query of the uncertainty that we’re seeing from our members is what occurs over the following couple of weeks.
MARGARET BRENNAN: Since you had been already planning for that November 15- once you say the shutdown wasn’t this lengthy, you are assuming the federal government doesn’t get funded for a way lengthy? How lengthy can you retain doing this?
ANDRADE: We’re already- we’re already planning for a second mortgage to members, so we have had a quantity take us up, actually on the primary provide of mortgage. Now, they’re taking us up on the second provide of mortgage, and we’re ready to help. That is our-our job, and to handle our members within the navy neighborhood. So we’ll sustain with this. And if now we have to do extra, we’ll do extra.
MARGARET BRENNAN: All proper. Properly, we- we’re considering of your clients right now, we’ll proceed to trace what occurs with that actual world affect. Thanks, Mr. Andrade.
ANDRADE: Thanks, Margaret.
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