credit union type credit union industry financial services founded 1933 headquarters vienna virginia united states number of locations 223 1 area served department of defense personnel and their families key people cutler dawson president ceo vadm john a. lockard chairman products savings ; checking ; consumer loans ; mortgages ; credit cards ; investments ; online banking total assets 77 899 563 000 usd 2q 2016 2 members 6 353 581 2q 2016 subsidiaries navy federal financial group cuso website navyfederal.org navy federal credit union or navy federal is a us 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 september 2016 navy federal had nearly 78 billion usd in assets and nearly 6.4 million members . 3 contents 1 history 2 membership 3 organization 4 employees 5 services 6 competition 7 references 8 external links history edit navy federal was originally incorporated on january 17 1933 as the navy department employees credit union of the district of columbia ndcu . only navy employees who were members of the federal employees union 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 . in 1947 the credit union was officially dissolved and rechartered as a federal credit union named navy department employees federal credit union ndefcu . it also expanded membership to include all navy personnel in the washington dc area both military and civilian . it was not until 1951 that the day to day operations of the credit union were officially turned over to professional management ; until that time the members of the board of directors were personally involved in each major financial decision and loan approval that the credit union made . in 1954 the credit union changed its charter again to open membership to navy 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 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 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 ncua s policy of once a member always a member . on september 22 2010 navy federal credit union announced plans to absorb merge with usa fed stating that joint operations would begin october 4 2010 under the navy federal banner . 4 in may 2008 the 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 civilian personnel within the department of defense . in march 2013 the navy federal credit union further widened its membership to include all coast guard members and employees as well . 5 membership edit navy federal s field of membership is set by the national credit union administration ncua . as with all 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 and marine corps retirees and annuitants all department of defense 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 retirees and annuitants all army 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 civilian employees u.s. government employees assigned to dod installations dod contractors assigned to u.s. government installations employees of navy federal family members including grandparents parents spouses siblings grandchildren children including adopted foster and stepchildren and household members members of the san diego navy league who can verify their membership with a welcome organization edit 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 . employees edit as of october 2012 the credit union had over 10 000 employees world wide . navy federal founded in 1933 has never had a layoff choosing instead to move employees to other departments to avoid layoffs . 6 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 . 7 in 2012 they were 95th 8 and in 2013 they rose to 56th 9 on that same list . for the year 2014 they also made the list of best companies to work for . services edit navy federal offers the typical suite of account services offered by most financial institutions including savings accounts checking accounts ira accounts and certificates . the savings product is named share savings to reflect the fact that a member s initial savings deposit 5.00 literally represents their share of ownership in the credit union . navy federal also offers members consumer loans credit cards mortgages and home equity lines of credit as well as some small business services . navy federal s cuso navy federal financial group offers more extensive investment services online brokerage services and insurance . as of october 2012 navy federal has 223 branches and over 450 atms located both inside the united states and abroad . navy federal offers extensive online services via its corporate website navy federal online . in addition members can make atm transactions through the over 20 000 atms in the moneypass surcharge free network the 28 000 co op network locations at other credit unions and 7 eleven stores in the u.s. and canada without any surcharge fees . due to the nature of its membership which includes actively deployed military personnel in every time zone navy federal maintains 24x7 operations at its three contact centers located in vienna virginia winchester virginia and pensacola florida its largest contact center as well as round the clock online services . competition edit navy federal is not the only financial services company which specializes in serving parts of the military . the credit union competes with other military credit unions like pentagon federal credit union and navyarmy federal credit union which only serves parts of texas as well as with some large banks including bank of america and usaa . references edit navy federal relocates corpus christi texas branch navy federal official web site . retrieved 2015 08 31 . navy federal official web site . retrieved 2015 08 31 . navy federal and usa federal merger . retrieved 2010 11 19 nfcu eligibility checklist . retrieved march 28 2013 . no layoffs ever . cnn . retrieved 2012 01 26 . 100 best companies to work for 2008 navy federal credit union snapshot . fortune . cnn . retrieved 2008 10 11 . 100 best companies to work for 2012 navy federal credit union . fortune . cnn . retrieved 2012 01 26 . 100 best companies to work for 2013 navy federal credit union . fortune . cnn . retrieved 2013 01 18 . external links edit navy federal assets and statistics official website branch and atm locations national credit union administration retrieved from https en.wikipedia.org w index.php title navy federal credit union & oldid 742739420 categories credit unions based in virginiacompanies based in vienna virginiaprivately held companies in the united statesbanks established in 1933united states navyhidden categories pages using infobox company with unsupported parameters navigation menu personal 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