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 economic companies firm USAA. A lot of its almost 14 million clients are within the navy or veterans, and he joins us from San Antonio. Sir, Secretary Bessent mentioned on this program simply final Sunday that by November 15, the troops and repair members aren’t going to be paid. What degree of tension are you seeing amongst your clients?
USAA PRESIDENT JUAN ANDRADE: Margaret, thanks for having me in your present. What we’re seeing in the present day is uncertainty, nervousness and, for some, actual hardship, and that’s actually inside the- the lively obligation group. It’s additionally necessary to notice that 30% of federal staff are additionally veterans or navy spouses. So that is greater than an affect to a family price range. This could actually undermine morale and focus, and our aim is to supply stability for people who find themselves dwelling paycheck to paycheck and who’re frankly dropping floor.
MARGARET BRENNAN: Effectively, I’ve seen that you simply’re providing curiosity free loans to clients. Is- is that everybody, or simply particularly lively obligation navy? And- and if they’ll’t 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 mentioned, that’s at present about 14 and a half million folks, and at this level, we’ve acted swiftly and decisively. Within the first 48 hours of the shutdown, we funded 150 million in zero curiosity loans. We are actually as much as 400 million to this point. However that’s additionally along with fee extensions that we’ve finished on bank cards, auto loans, mortgages. We’ve additionally waived charges for overdraft and we’ve additionally had versatile insurance coverage preparations throughout our property, casualty, life and medical health insurance companies.
MARGARET BRENNAN: 4 hundred million in zero curiosity loans. So individuals are already seeking to attempt to determine how you can make ends meet. We seemed, and 1 / 4 of all lively obligation navy members are meals insecure, in response to the Division of Agriculture, that was properly earlier than this shutdown. Which means they don’t have a very good weight loss plan, or they’re not capable of afford meals. We already noticed pressure on lots of that lively obligation navy. Are you able to give us a way of- of what this implies for somebody now, to- to take a look at the calendar and know November 15, there’s no pay coming?
ANDRADE: Yeah, and- and- and I agree this is among the explanation why we’ve already funded 400 million in loans at this time limit. 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 just isn’t a luxurious, it’s a necessity. So these are people who we’re very anxious about, and we need to make it possible for they’re secure by this time period. The opposite a part of this, and admittedly, the rationale for doing these zero curiosity loans is we need to make it possible for they don’t 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 sort of 5 occasions the nationwide common, to your level, that they want twin earnings. Many can’t try this, however the Congressional Price range Workplace projection is that there shall be an financial value, that the shutdown itself might result in seven to 14 billion in misplaced progress. What’s the affect on the communities like yours, the place you had been dwelling, down in Texas, you realize, in areas the place there are bases round this nation?
ANDRADE: Certain, I feel you see it in a number of methods. I feel one is certainly on shopper spending. Proper now, individuals are prioritizing fundamental wants, whether or not it’s well being or meals at this time limit, so that they’re positively slicing again on- on discretionary spending. I feel that’s a part of that. The opposite facet of it’s you’re going to see extra people who find themselves meals insecure, and this is among the explanation why we’ve got additionally been supporting our native communities. Our workplaces are all situated close to main navy installations, and we’ve got donated thousands and thousands to navy support societies who’re finest positioned to supply meals and different companies in installations, and we’ve additionally been donating to native meals banks in our communities.
MARGARET BRENNAN: So how does this evaluate to the final prolonged shutdown that we had throughout the first Trump administration?
ANDRADE: The- the final shutdown principally has not- didn’t final as lengthy. I feel that was an enormous a part of that. And we additionally had the understanding 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 subsequent couple of weeks.
MARGARET BRENNAN: Since you had been already planning for that November 15- whenever you say the shutdown wasn’t this lengthy, you’re 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’ve had a quantity take us up, definitely on the primary supply of mortgage. Now, they’re taking us up on the second supply of mortgage, and we’re ready to help. That’s our-our job, and to handle our members within the navy group. So we are going to sustain with this. And if we’ve got to do extra, we are going to do extra.
MARGARET BRENNAN: All proper. Effectively, we- we’re pondering of your clients right now, we are going to proceed to trace what occurs with that actual world affect. Thanks, Mr. Andrade.
ANDRADE: Thanks, Margaret.
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Transcript: USAA CEO Juan Andrade on “Face the Nation with Margaret Brennan,” Nov. 2, 2025
