Company type | Credit union |
---|---|
Industry | Financial services |
Founded | March 13, 1933 |
Headquarters | Vienna, Virginia, United States |
Number of locations | 354 [1] |
Area served | Worldwide |
Key people | Dietrich Kuhlmann (President & CEO) Edward R Cochrane, Jr. (Chairman) |
Products | Checking; consumer loans; mortgages; credit cards; investments; online banking; certificates of deposit (CDs); money marketing account; IRA; ESA |
Total assets | $168.4 Billion USD (July 2023) [1] |
Members | 13,300,000 (November 2023) |
Number of employees | 24,300 |
Subsidiaries | Navy Federal Investment Services (NFIS) (CUSO) |
Website | www |
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 2023, Navy Federal had US$168.4 billion in assets and has 13.3 million members. [1]
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. [2]
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. [3] In 2014, Navy Federal expanded its Vienna headquarters. As of October 2023, 4,800 employees worked at the Vienna location. [1]
An increase in membership also led to two expansions: one at the credit union's Pensacola location in 2015, where Navy Federal has 8,800 employees [1] and one at the Winchester Operations location in 2019 where Navy Federal has 2,500 employees. [4]
As of 2021, 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.
($ 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 |
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. [7] [8] 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. [9]
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:
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 Financial Group, 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.
As of October 2023, the credit union had over 24,300 employees worldwide. [1] Navy Federal, founded in 1933, has never had a layoff, choosing instead to move employees to other departments to avoid layoffs. [10] It was ranked number 78 on the 2008 Fortune's 100 Best Companies to Work For list, which is produced by the Great Place to Work Institute. [11] They were 95th in 2012, [12] rose to 56th in 2013, [13] 96th in 2014, [14] 72nd in 2015, [15] 44th in 2016, [16] 29th in 2019 [17] 19th in 2020, [18] 59th 2021, [19] 76th in 2022, [20] and 53rd in 2023 [21]
Navy Federal Investment Services, a subsidiary of Navy Federal Financial Group, launched an online investing tool called Digital Investor in January 2022.
Navy Federal operates branches in many U.S. metro areas as well as in some overseas locations, comprising a total of 354 branches worldwide as of July 2023. [1] 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.
Navy Federal Credit Union engages in multiple charitable partnerships, including a decades-long relationship with Toys for Tots, [22] dedicated to helping families surrounding the Vienna, Virginia, headquarters, and a partnership with the National Hockey League's Stick Tap for Service Program. [23] 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. [24]
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. [25] 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. [26]
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. [27]
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. [28]
Navy Federal Credit Union has received the following awards and honors:
The United Services Automobile Association (USAA) is an American financial services company providing insurance and banking products exclusively to members of the military, veterans, and their families. It was founded in 1922 in San Antonio, Texas, by a group of 25 U.S. Army officers as a mechanism for mutual self-insurance when they were unable to secure auto insurance because of the perception that they, as military officers, were a high-risk group.
The National Credit Union Administration (NCUA) is an American government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation, which insures commercial banks and savings institutions. The NCUA is an independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. Besides the Share Insurance Fund, the NCUA operates three other funds: the NCUA Operating Fund, the Central Liquidity Facility (CLF), and the Community Development Revolving Loan Fund (CDRLF). The NCUA Operating Fund, with the Share Insurance Fund, finances the agency's operations.
Pentagon Federal Credit Union, widely known by its abbreviated name PenFed, is a United States federal credit union headquartered in McLean, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). PenFed is the nation's third largest federal credit union, with assets of $25 billion and more than 1.8 million members as of July 2018.
Redstone Federal Credit Union is an American credit union based in Huntsville, Alabama. As of 2023, Redstone Federal Credit Union is Alabama's largest credit union and is federally chartered and regulated and insured through the National Credit Union Administration (NCUA).
Hudson Valley Credit Union is a credit union serving the New York counties of Dutchess, Orange, Ulster, Putnam, Rockland, Westchester, Greene, Columbia, Albany, Rensselaer, Schenectady, and Saratoga. Initiated in 1963 in Poughkeepsie, New York, the institution has 287,000+ members and more than 800 employees as of March 2017. HVCU is one of the largest credit unions in the United States with assets totaling more than $5.95 billion as of June 2020.
South Carolina Federal Credit Union is a credit union headquartered in North Charleston, South Carolina, that is supervised and insured by the National Credit Union Administration (NCUA), an agency of the U.S. government. South Carolina Federal is the largest, oldest, locally owned financial institution in the Charleston tri-county area. As of 2024, South Carolina Federal had over US$2.5 billion in assets and over 175,000 active members.
Credit unions in the United States served 100 million members, comprising 43.7% of the economically active population, in 2014. U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations. The clients of the credit unions become partners of the financial institution and their presence focuses in certain neighborhoods because they center their services in one specific community. As of March 2020, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $125 billion in assets and over 9.1 million members. Total credit union assets in the U.S. reached $1 trillion as of March 2012. Approximately 236,000 people were directly employed by credit unions per data derived from the 2012 National Credit Union Administration (NCUA) Credit Union Directory. As of 2019, there were 5,236 federally insured credit unions with 120.4 million members, and deposits of $1.22 trillion.
Wings Credit Union is a not-for-profit, member-owned credit union headquartered in Apple Valley, Minnesota. With assets of $8.4 billion, the credit union serves eligible Minnesota and Wisconsin counties, the metro areas of Seattle/Tacoma, Detroit, Orlando, Atlanta and employees in the air transportation industry nationwide. Wings was chartered in 1938 and is regulated by the National Credit Union Administration (NCUA).
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Global Federal Credit Union is a credit union headquartered in Anchorage, Alaska, chartered and regulated under the authority of the National Credit Union Administration (NCUA). In the United States, Global is among the largest credit unions by assets, and it is among the 20 largest credit unions by membership.
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