# Navy Federal Credit Union

Navy Federal Credit Union (or Navy Federal) is an American global credit union headquartered in Vienna, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). Navy Federal is the largest natural member (or retail) credit union in the United States, both in asset size and in membership. As of November 2024, Navy Federal has US $180.8 billion in assets and has 14.2 million members.

## History

Navy Federal was originally incorporated on 17 January 1933 as the Navy Department Employees' Credit Union of the District of Columbia (NDCU). Only Navy Department employees who were members of the federal employees' labor union and members of their families were eligible to join. The next year, President Roosevelt signed into law the Federal Credit Union Act, which would eventually become the basis of business for the credit union. On July 17, 1947, the credit union was granted a federal charter as a credit union, named Navy Department Employees Federal Credit Union (NDEFCU). It also expanded membership to include all Navy personnel in the Washington, D.C., area, both military and civilian.
In 1954, the credit union changed its charter again to open membership to Navy and Marine Corps officers everywhere, regardless of geographic location, and changed its name to Navy Federal Credit Union. Eventually, membership was opened to enlisted personnel as well. By April 1962, the credit union reached a milestone, becoming the biggest credit union in the world, a distinction which it still holds today. In 1977, the credit union moved into its current headquarters in Vienna, Virginia, eventually undergoing several major expansions of its facility there.
In 2003, the credit union opened its membership further, to include Navy contractors. There have also been several times in the credit union's history that the NCUA has asked Navy Federal to merge with or absorb other credit unions that were experiencing financial or other difficulties. Members of these prior credit unions remained members of Navy Federal after the merger (following the NCUA's policy of "once a member, always a member"). In September 2010, Navy Federal Credit Union announced plans to absorb/merge with USA Fed, stating that joint operations would begin 4 October 2010 under the Navy Federal banner.
In May 2008, Navy Federal Credit Union widened its membership to include the entire Department of Defense, which made eligible all active duty, retired, and reserve Army, Navy, Marine Corps, and Air Force personnel, as well as contractor and civilian personnel within the Department of Defense. In March 2013, Navy Federal Credit Union further widened its membership to include all Coast Guard members and employees as well. In 2020, Navy Federal Credit Union also expanded its membership to include Space Force members. In 2014, Navy Federal expanded its Vienna headquarters. As of November 2024, 5,200 employees worked at the Vienna location.
An increase in membership also led to three expansions: one at the credit union's San Diego location in 2010, where Navy Federal has 171 employees; one at the credit union's Pensacola location in 2015, where Navy Federal has 8,750 employees; and one at the Winchester Operations location in 2019 where Navy Federal has 2,500 employees.
As of 2024, Navy Federal is by far the largest credit union in the United States, with total assets nearly three times that of the second-largest US credit union.
Financial Summary :
| ($ millions) | 2018 | 2019 | 2020 | 2021 | 2022 |
| Assets | $96,962.4 | $111,986.1 | $135,664.1 | $153,433.0 | $156,645.1 |
| Loans Outstanding | $75,059.2 | $83,919.9 | $91,679.8 | $95,811.3 | $109,985.4 |
| Savings, Checking, MMSAs, IRAs | $50,626.6 | $56,733.7 | $81,902.8 | $103,484.3 | $104,372.5 |
| Share Certificates | $19,790.9 | $29,299.6 | $29,302.3 | $24,275.2 | $29,062.6 |
| Member's Equity | $11,404.7 | $13,763.6 | $14,932.4 | $16,910.2 | $14,168.1 |
| Gross Income | $6,818.6 | $7,993.2 | $8,374.0 | $8,271.7 | $9,315.9 |
| Non-Interest Expense | $2,844.1 | $3,430.8 | $3,920.8 | $4,515.5 | $4,767.5 |
| Dividends | $642.6 | $1,016.4 | $1,123.3 | $829.2 | $885.8 |
| Mortgage Loans Serviced | $68,697.7 | $77,307.3 | $80,585.6 | $79,515.7 | $84,277.4 |
| Members | 8,232,022 | 8,959,665 | 9,927,166 | 11,133,370 | 12,322,979 |

### Legal issues

In 2017, Navy Federal Credit Union settled a class action lawsuit over millions of unwanted phone calls, many of which had gone to individuals who were not credit union members and specifically asked not to be contacted. NFCU settled a similar class action lawsuit in 2020 over unwanted text messages, paying out $9.25 million. In 2021, Navy Federal Credit Union settled another class action lawsuit over a non-sufficient funds fee lawsuit over breached member agreements where over 700,000 members were charged multiple insufficient funds fees.

## Membership

Navy Federal's field of membership is set by the National Credit Union Administration (NCUA). As with all federally-chartered credit unions, membership in Navy Federal is limited to individuals sharing the common bond defined in its credit union charter. Membership in Navy Federal is limited to:
* All Department of Defense (DoD) uniformed personnel — Army, Navy, Air Force, Space Force, and Marine Corps retirees and annuitants
* All DoD reservists — Army, Navy, Air Force, and Marine Corps— regardless of drill status — retirees and annuitants
* All US Coast Guard uniformed personnel — regardless of drill status — civilian employees, auxiliarists, retirees, and annuitants
* All Army National Guard and Air National Guard personnel — regardless of drill status — civilian employees, retirees, and annuitants
* All DoD Officer Candidate programs: midshipmen and cadets at the United States Naval Academy, United States Military Academy, United States Air Force Academy, United States Coast Guard Academy, and the United States Merchant Marine Academy; personnel in Officer Candidate programs
* All DoD current and retired civilian employees
* U.S. government employees assigned to DoD installations
* DoD contractors assigned to U.S. government installations
* Employees of Navy Federal Credit Union
* Family members, including grandparents, parents, spouses, siblings, grandchildren, cohabitants and children (including adopted, foster and stepchildren).
* All Honorably Discharged Veterans

## Organization

Navy Federal is chartered with NCUA as a single-sponsor credit union, with its sponsor being the Department of Defense. Like all credit unions, Navy Federal is governed by a board of volunteers, elected by and from its membership. Navy Federal also has a separate subsidiary, named Navy Federal Investment Services, which operates as a credit union service organization (CUSO). CUSOs were established by NCUA as a way for credit unions to pursue product offerings that would normally be outside of the purview of a credit union.

## Employees

As of November 2024, the credit union had over 24,900 employees worldwide. Navy Federal, founded in 1933, has never had a layoff, choosing instead to move employees to other departments to avoid layoffs. It was ranked number 37 on the 2024 Fortune's 100 Best Companies to Work For list, which is produced by the Great Place to Work Institute. They were 95th in 2012, rose to 56th in 2013, 96th in 2014, 72nd in 2015, 44th in 2016, 29th in 2019 19th in 2020, 59th 2021, 76th in 2022, 53rd in 2023, and 37th in 2024.
On March 1, 2024, Dietrich Kuhlmann was appointed President and CEO of Navy Federal Credit Union, succeeding Mary McDuffie.

## Services

Navy Federal operates branches in many U.S. metro areas as well as in some overseas locations, comprising a total of 366 branches worldwide as of November 2024. In addition, members can make transactions through the CO-OP network of more than 30,000 ATMs in the U.S. and Canada without incurring surcharges or fees.
Major banking competitors include Pentagon Federal Credit Union, and USAA.

## Charitable contributions

Navy Federal Credit Union engages in multiple charitable partnerships, including a decades-long relationship with Toys for Tots, dedicated to helping families surrounding the Vienna, Virginia, headquarters, and a partnership with the National Hockey League's Stick Tap for Service Program. Navy Federal has also made multiple disaster relief donations, most recently a $100,000 donation to United Way of West Florida, to assist communities near their Pensacola, Florida offices that were adversely affected by Hurricane Sally in October 2020.
Navy Federal recently donated $100,000 through its Dollars for Doers program which, based on nominations from the credit union’s employees, awards 100 nonprofits with grants. Navy Federal donated to U.S. Vets in November 2021 in honor of Veteran’s Month. During Navy Federal’s annual drive for the Marine Toys for Tots Foundation in the 2021 holiday season, members and employees donated over $20,000 and 20,000 toys to families in need.
In 2022, Navy Federal’s members and employees donated over $33,000 and over 22,000 toys to families in need during the Toys for Tots campaigns.
In 2023, the credit union donated more than one million meals to servicemembers, veterans, and their families as a part of its recent military food insecurity campaign, No Plate Left Behind.

## Awards

Navy Federal Credit Union has received the following awards and honors:
* Rated a TrustScore of 4.7 out of 5 stars on Trustpilot.
* Top Military Financial Institution by The Military Wallet
* Best Mortgage Refinance Company by Money
* Ranked #1 for Customer Experience Among Multichannel Banks/Credit Unions in Forrester’s 2021 US Customer Experience (CX) survey
* Ranked #1 for Customer Experience Among Credit Card Issuers in Forrester’s 2021 US Customer Experience (CX) survey
* Ranked "Credit Union of the Year" by United States Navy for 15th consecutive year in a row
* Ranked 7th in Computerworld’s Best Places to Work in IT for 2021
* Ranked 25th in “75 Best Large Workplaces for Women” list by FORTUNE in 2021
* Ranked #1 for Customer Experience Among Multichannel Banks/Credit Unions in Forrester’s 2021 US Customer Experience (CX) survey
* Ranked #1 for Customer Experience Among Credit Card Issuers in Forrester’s 2021 US Customer Experience (CX) survey
* Received the highest score in the J.D. Power 2021 U.S. Consumer Financing Satisfaction Study
* Ranked 59th in “100 Best Companies to Work For” list by FORTUNE in 2021
* One of America's Best Employers for Veterans, Best Employers for Diversity, and Best Employers for New Grads by Forbes
* One of GOBankingRates Best Credit Unions of 2021
* Top Credit Union by Bankrate 2022
* Best Mortgage Lender by Bankrate
* Top 100 Best Banks by GOBankingRates
* One of GOBankingRates Best Credit Unions of 2022
* Best Home Equity Loans of 2020: Best Customer Experience by Money.com
* Best Mortgage Lender by U.S. News & World Report
* 4th in Customer Experience Excellence by KPMG in 2020, falling from 1st in 2019
* Best Overall Personal Loan of 2022 for Veterans & Military Members from Forbes
* Ranked as the 4th Top Workplace in the Washington, D.C., area by The Washington Post
* Ranked #1 for Customer Experience Among Multichannel Banks/Credit Unions in Forrester’s 2022 US Customer Experience (CX) survey
* Best Auto Loans for New Car Purchase in 2022 by Bankrate
* Ranked 35th in “100 Best Large Workplaces for Women” list by FORTUNE in 2022
* Ranked 53rd in "100 Best companies to Work for" by FORTUNE
* One of GOBankingRates Best Credit Unions of 2023.
* Ranked 84th in “America’s Best Employers For Women” list by Forbes in 2023
* Ranked 88th in “Best Workplaces for Millennials” list by FORTUNE in 2023
* Money’s Best Overall Credit Union for Military Members in 2023-2024
* U.S. Veterans Magazine’s Top Veteran-Friendly Company in 2023
* Ranked 3rd in “Best Employers in Virginia” by Forbes in 2023
* Ranked 8th in “Best Employers in Maryland” by Forbes in 2023
* Ranked 13th in “Best Workplaces in Financial Services & Insurance” list by FORTUNE in 2023
* Ranked 14th in “Best Places to Work in IT” list by Computerworld in 2023
* Ranked 33rd in “100 Best Large Workplaces for Women” list by FORTUNE in 2023
* Ranked 84th in “America's 100 Most Loved Workplaces” list by Newsweek in 2023
* Ranked 45th in “Best Workplaces for Parents” list by Great Place To Work® in 2023
* GoBankingRates’ Best Balance Transfer Credit Card for 2023
* Ranked 69th in “America’s Best Large Employers” list by Forbes in 2024
* The Motley Fool Ascent’s Best Bank for Veterans in 2024
* Latino Leaders Magazine’s Best Banking Company for Latinos to Work For in 2024
* RippleMatch’s Campus Forward Award for Large Early Career Programs in 2024
* The Balance’s Best Personal Loan for Military Members in 2024
* USA Today Customer Service Champion for 2024
* Ranked 87th in “America’s Best Employers for New Grads” list by Forbes in 2024
* Ranked 11th in “Largest Top Workplaces” list by The Washington Post in 2024
* Inman Best of Finance Award for 2024
* Business Group on Health Best Employers: Excellence in Health & Well-Being Award for 2024
* Ranked 12th in “America’s Best Employers For Tech Workers” list by Forbes in 2024
* Ranked 54th in “America’s Best Employers For Veterans” list by Forbes in 2024
* Ranked 77th in “100 Companies That Care” list by People in 2024
* Ranked 77th in “Best Employers for Vets” list by Military Times in 2024
* Ranked 87th in “100 Best Large Workplaces for Millennials” list by FORTUNE in 2024
* Ranked 94th in “America's 100 Most Loved Workplaces” list by Newsweek in 2024
* Ranked 99th in “100 Best Large Workplaces for Women” list by FORTUNE in 2024
* Money’s Top 100 Best Banks in 2025
* Computer World’s Best Places to Work in IT in 2025