Navy Federal Credit Union

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 December 2025, Navy Federal has US $197.1 billion in assets and has 15.2 million members.

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.

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 2017, the credit union expanded its field of membership to include all Veterans. In 2020, Navy Federal Credit Union also expanded its membership to include Space Force members. In 2014, Navy Federal expanded its Vienna headquarters. As of December 2025, 5,500 employees worked at the Vienna location.

An increase in membership also led to three expansions: one at the credit union's San Diego location in 2010, where Navy Federal has 197 employees; one at the credit union's Pensacola location in 2015, where Navy Federal has 8,500 employees; and one at the Winchester Operations location in 2019 where Navy Federal has 2,400 employees.

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.

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. 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. 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, the largest penalty ever charged to a credit union for illegal activity. Navy Federal charged surprise overdraft fees on certain ATM withdrawals and debit card purchases, even when customer accounts showed sufficient funds at the time of the transaction. It also showed that funds from peer-to-peer transfer services were available to spend when they were in fact still pending, and then charged overdraft fees when customers attempted to spend those funds.”