History of Navy Federal Credit Union in Timeline

Navy Federal Credit Union is the largest credit union in the U.S., based on both asset size and membership. Chartered and regulated by the NCUA, it's headquartered in Vienna, Virginia. As of December 2024, Navy Federal boasts $180.8 billion in assets and serves 14.5 million members globally.

January 1933: Incorporation as Navy Department Employees' Credit Union

On January 17, 1933, Navy Federal was originally incorporated 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 their families were eligible to join.

1933: Navy Federal Founded

Navy Federal, founded in 1933, has never had a layoff, choosing instead to move employees to other departments to avoid layoffs.

July 17, 1947: Federal Charter Granted

On July 17, 1947, the credit union was granted a federal charter and named Navy Department Employees Federal Credit Union (NDEFCU). Membership expanded to include all Navy personnel in the Washington, D.C., area, both military and civilian.

1954: Membership Expansion and Name Change

In 1954, the credit union changed its charter to open membership to Navy and Marine Corps officers everywhere, regardless of geographic location, and changed its name to Navy Federal Credit Union.

April 1962: Largest Credit Union in the World

By April 1962, the credit union became the biggest credit union in the world.

1977: Headquarters Relocation

In 1977, the credit union moved into its current headquarters in Vienna, Virginia.

2003: Membership Expansion to Navy Contractors

In 2003, the credit union opened its membership further to include Navy contractors.

May 2008: Membership Expansion to Department of Defense

In May 2008, Navy Federal Credit Union widened its membership to include the entire Department of Defense, including active duty, retired, and reserve personnel from the Army, Navy, Marine Corps, and Air Force, as well as contractor and civilian personnel.

September 2010: Merger Announcement with USA Fed

In September 2010, Navy Federal Credit Union announced plans to absorb/merge with USA Fed, with joint operations beginning in October.

October 2010: Joint Operations with USA Fed Begin

In October 2010, joint operations between Navy Federal Credit Union and USA Fed began under the Navy Federal banner, following the merger announcement in September.

2010: San Diego Expansion

In 2010, an increase in membership led to an expansion at the credit union's San Diego location, where Navy Federal has 185 employees.

2012: Fortune's 100 Best Companies to Work For Ranking

Navy Federal was ranked 95th in 2012 on the Fortune's 100 Best Companies to Work For list.

March 2013: Membership Expansion to Coast Guard

In March 2013, Navy Federal Credit Union further widened its membership to include all Coast Guard members and employees.

2013: Fortune's 100 Best Companies to Work For Ranking

Navy Federal rose to 56th in 2013 on the Fortune's 100 Best Companies to Work For list.

2014: Vienna Headquarters Expansion

In 2014, Navy Federal expanded its Vienna headquarters.

2014: Fortune's 100 Best Companies to Work For Ranking

Navy Federal was ranked 96th in 2014 on the Fortune's 100 Best Companies to Work For list.

2015: Pensacola Expansion

In 2015, an increase in membership led to an expansion at the credit union's Pensacola location, where Navy Federal has 8,800 employees.

2015: Fortune's 100 Best Companies to Work For Ranking

Navy Federal was ranked 72nd in 2015 on the Fortune's 100 Best Companies to Work For list.

2016: Fortune's 100 Best Companies to Work For Ranking

Navy Federal was ranked 44th in 2016 on the Fortune's 100 Best Companies to Work For list.

2017: Settlement of Class Action Lawsuit over Unwanted Phone Calls

In 2017, Navy Federal Credit Union settled a class action lawsuit over millions of unwanted phone calls.

2019: Winchester Operations Expansion

In 2019, an increase in membership led to an expansion at the Winchester Operations location, where Navy Federal has 2,600 employees.

2019: Fortune's 100 Best Companies to Work For Ranking

Navy Federal was ranked 29th in 2019 on the Fortune's 100 Best Companies to Work For list.

October 2020: Donation to United Way of West Florida

In October 2020, Navy Federal made 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.

2020: Settlement of Class Action Lawsuit over Unwanted Text Messages

In 2020, NFCU settled a class action lawsuit over unwanted text messages, paying out $9.25 million.

2020: Membership Expansion to Space Force

In 2020, Navy Federal Credit Union also expanded its membership to include Space Force members.

2020: Fortune's 100 Best Companies to Work For Ranking

Navy Federal was ranked 19th in 2020 on the Fortune's 100 Best Companies to Work For list.

November 2021: Donation to U.S. Vets in Honor of Veteran’s Month

Navy Federal donated to U.S. Vets in November 2021 in honor of Veteran’s Month.

2021: Settlement of Class Action Lawsuit over Non-Sufficient Funds Fees

In 2021, Navy Federal Credit Union settled another class action lawsuit over a non-sufficient funds fee lawsuit, where over 700,000 members were charged multiple insufficient funds fees.

2021: Fortune's 100 Best Companies to Work For Ranking

Navy Federal was ranked 59th in 2021 on the Fortune's 100 Best Companies to Work For list.

2022: Toys for Tots Campaign Donations

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.

2022: Fortune's 100 Best Companies to Work For Ranking

Navy Federal was ranked 76th in 2022 on the Fortune's 100 Best Companies to Work For list.

2023: Military Food Insecurity Campaign

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.

2023: Fortune's 100 Best Companies to Work For Ranking

Navy Federal was ranked 53rd in 2023 on the Fortune's 100 Best Companies to Work For list.

March 1, 2024: Appointment of Dietrich Kuhlmann as President and CEO

On March 1, 2024, Dietrich Kuhlmann was appointed President and CEO of Navy Federal Credit Union, succeeding Mary McDuffie.

November 2024: CFPB Order and Fines for Illegal Overdraft Fees

In November 2024, Navy Federal was ordered by the CFPB (Consumer Financial Protection Bureau) to pay more than $95 million in redress and fines for charging illegal overdraft fees.

December 2024: Assets and Membership

As of December 2024, Navy Federal had US $180.8 billion in assets and 14.5 million members.

2024: Fortune's 100 Best Companies to Work For Ranking

Navy Federal was ranked 37th in 2024 on the Fortune's 100 Best Companies to Work For list.

March 2025: Vienna Employee Count

As of March 2025, 5,200 employees worked at the Vienna location.

March 2025: Total Branches Worldwide

As of March 2025, Navy Federal operates a total of 367 branches worldwide.

2025: Largest Credit Union in the United States

As of 2025, 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.