Opinion ID: 4568378
Heading Depth: 2
Heading Rank: 1

Heading: Navy Federal Credit Union

Text: Navy Federal Credit Union is a federally chartered, not-for-profit credit union. On July 17, 1947, the Bureau of Federal Credit Unions issued a certificate of incorporation to the “Navy Department Employees Federal Credit Union” under the Federal Credit Union Act of 1934. At the time of its incorporation, the credit union limited its membership to “military personnel [and employees] of the Navy Department in Washington, D.C. and adjoining counties of Maryland and Virginia,” as well as employees of the credit union and their families. J.A. 100. And at first, the credit union ran its operations from Washington, D.C. Over the next seventy years, the credit union experienced explosive growth. Navy Federal now has over eight-million members in thirty states, the District of Columbia, two U.S. territories, and twelve foreign countries. All “[m]ilitary and civilian personnel regularly employed by the Department of Defense[, Coast Guard, or National Guard] . . . at any Government installation, facility, or unit, afloat or ashore” may join the credit union today. J.A. 104. Additionally, several idiosyncratic constituencies scattered across the 5 country have since become eligible for membership. 1 As of December 2017, Navy Federal had accumulated over $63 billion in shares and member deposits. Completing the transformation, the “Navy Department Employees Federal Credit Union” eventually shortened its name to “Navy Federal” and moved its corporate headquarters to Vienna, Virginia (nearby the Pentagon). This Vienna complex is home to 20 out of 21 executives serving on the Credit Union’s management committee. It is where Navy Federal’s directors and officers meet and where all of its operations (except customer service) are managed. Most of the credit union’s branches and members are located outside of Virginia, and a plurality of its employees now live and work in Florida.