History of Navy Federal Credit Union in Timeline

Navy Federal Credit Union, headquartered in Vienna, Virginia, is the largest natural member credit union in the U.S. It is chartered and regulated by the NCUA. As of November 2024, it holds $180.8 billion in assets and serves 14.2 million members globally. It focuses on providing financial services to military members, veterans, and their families.

January 1933: Navy Federal Credit Union Incorporation

On January 17, 1933, Navy Federal was originally incorporated as the Navy Department Employees' Credit Union of the District of Columbia (NDCU).

1933: Navy Federal Founded

Navy Federal, founded in 1933, has never had a layoff.

July 17, 1947: Federal Charter Granted

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

1954: Membership Expansion and Name Change

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

April 1962: Largest Credit Union

By April 1962, Navy Federal Credit Union became the biggest credit union in the world.

1977: Headquarters Move

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

2003: Membership Expansion to Navy Contractors

In 2003, Navy Federal Credit Union opened its membership 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.

September 2010: Merger Announcement with USA Fed

In September 2010, Navy Federal Credit Union announced plans to absorb/merge with USA Fed.

October 2010: Joint Operations with USA Fed Begin

On October 4, 2010, joint operations began under the Navy Federal banner following the merger announcement with USA Fed.

2010: San Diego Location Expansion

In 2010, Navy Federal expanded its San Diego location.

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

Navy Federal was ranked 95th on the 2012 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 on the 2013 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 on the 2014 Fortune's 100 Best Companies to Work For list.

2015: Pensacola Location Expansion

In 2015, Navy Federal expanded its Pensacola location.

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

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

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

Navy Federal was ranked 44th on the 2016 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 Location Expansion

In 2019, Navy Federal expanded its Winchester Operations location.

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

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

October 2020: Disaster Relief Donation to United Way of West Florida

In October 2020, Navy Federal Credit Union made a $100,000 donation to United Way of West Florida to assist communities 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 on the 2020 Fortune's 100 Best Companies to Work For list.

November 2021: Donation to U.S. Vets

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 fee lawsuit

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 on the 2021 Fortune's 100 Best Companies to Work For list.

2022: Toys for Tots Donation

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 on the 2022 Fortune's 100 Best Companies to Work For list.

2023: Military Food Insecurity Campaign Donation

In 2023, Navy Federal 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 on the 2023 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: Vienna Location Employee Count

As of November 2024, 5,200 employees worked at the Vienna location of Navy Federal Credit Union.

November 2024: Navy Federal Statistics

As of November 2024, Navy Federal Credit Union has US $180.8 billion in assets and 14.2 million members.

November 2024: Branch Network and ATM Access

As of November 2024, Navy Federal operates 366 branches worldwide.

November 2024: Employee Statistics and Fortune Ranking

As of November 2024, the credit union had over 24,900 employees worldwide.

2024: Largest Credit Union in the US

As of 2024, Navy Federal is the largest credit union in the United States, with total assets nearly three times that of the second-largest US credit union.