Navy Federal Credit Union is a federal credit union based in Vienna, Virginia. As a credit union, it offers a wide range of financial products and services to consumers, including deposit accounts and loans. Credit union membership is limited to consumers who are or have been members of U.S. military service, Department of Defense civilian employees or contractors, government employees assigned to Department of Defense entities, and their immediate family members. It is the largest credit union in the country with assets of over $73 billion (as of December 2015). Navy Federal was originally formed 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 Union of Federal Employees were eligible. The following year, President Roosevelt signed the Federal Credit Union Act, which would become the credit union`s business base. In 1947, the credit union was officially dissolved and re-established as the Navy Department Employees Federal Credit Union (NDEFCU).
It also expanded membership to all Navy personnel in the Washington, DC area, both military and civilian. It was not until 1951 that the day-to-day affairs of the fund were officially entrusted to a professional management; To date, board members have been personally involved in all major financial decisions and credit approval of the credit union. 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 called “stock savings” to reflect the fact that a member`s initial savings deposit ($5.00) literally represents their share of ownership of the credit union. Navy Federal also provides its members with consumer loans, credit cards, mortgages and HELOCs, as well as small business services. Navy Federal`s CUSO, Navy Federal Financial Group, offers more comprehensive investment services, an electronic trading platform and insurance. In 2003, the credit union further expanded its membership to include naval contractors. There have also been several times in the history of credit unions that the NCUA Navy has asked Federal to merge or absorb with other credit unions that have had financial or other difficulties. Members of these former credit unions remained members of the Navy Federal after the merger (according to the NCUA policy of “once member, always member”). On September 22, 2010, the Navy Federal Credit Union announced its intention to acquire or merge with the U.S. Fed, stating that joint operations would begin on October 4, 2010 under the Navy Federal banner.
[4] The CFPB investigation revealed that Navy Federal Credit Union had deceived consumers into paying defaulted accounts. The credit union falsely threatened to take tough action, when in fact it rarely took such action or did not have the authority to do so. The credit union also cut off members` electronic access to their accounts and bank cards if they did not pay their delinquent loans. Hundreds of thousands of consumers were affected by these practices, which took place between January 2013 and July 2015. These practices violated the Dodd-Frank Wall Street Reform and Consumer Protection Act. Specifically, the CFPB noted that Navy Federal Credit Union: In 2017, Navy Federal Credit Union settled a class action lawsuit involving millions of unwanted phone calls, many of which were directed to individuals who were not members of a credit union and had specifically asked not to be contacted. NFCU settled a similar junk text messaging class action lawsuit in 2020 and paid out $9.25 million. [8] [9] The Navy`s federal membership territory is determined by the National Credit Union Administration (NCUA). As with all credit unions, the Navy`s federal membership is limited to individuals who share the joint relationship defined in the credit union by-laws. Membership in the Navy Federal is limited to: In May 2008, the Navy Federal Credit Union expanded its membership to the entire Department of Defense, allowing all active-duty, retired and reserve personnel of the Army, Navy, Marine Corps and Air Force, as well as contractors and civilian personnel of the Department of Defense, to participate. In March 2013, Navy Federal Credit Union expanded its membership to all Coast Guard members and personnel.
[5] In 2014, Navy Federal expanded its headquarters in Vienna and created 600 new jobs there. [6] An increase in membership also led to an expansion of the credit union`s Pensacola site in 2015, where Navy Federal hopes to reach 10,000 local employees by 2020. [7] Lou Brenner joined Navy Federal in 2007 and oversaw all legal matters in all departments and led all attorneys representing the credit union. Prior to joining Navy Federal, Lou was Senior Counsel and Co-Founder of the U.S. Department of Homeland Security and Senior Counsel for Law Enforcement at the U.S. Department of the Treasury. As of January 2016, Navy Federal had 295 branches and nearly 580 ATMs located in the United States and abroad. Navy Federal offers extensive online services through its corporate website, Navy Federal Online.
In addition, members can transact at ATMs through the approximately 30,000 co-op locations of other credit unions and 7-Eleven stores in the U.S. and Canada at no additional cost. “Navy Federal Credit Union misled its members about its collection practices and froze consumers from their own accounts,” said Richard Cordray, Director of the CFPB. “Financial institutions have the right to collect money owed to them, but they must comply with federal laws to do so.” Navy Federal Credit Union (or Navy Federal) is a global credit union based in Vienna, Virginia, licensed and regulated under the supervision of the National Credit Union Administration (NCUA). Navy Federal is the largest natural (or retail) member credit union in the United States, both in terms of asset size and membership. As of Q3 2020, Navy Federal had more than $130.3 billion in assets and 9.6 million members. [3] If you require a subpoena, subpoena, or any other legal document that will be promptly served on Navy Federal Credit Union, please contact Cavalier today for accurate and cost-effective service. Under the Dodd-Frank Act, the CFPB has the authority to take action against institutions or individuals who engage in unfair or deceptive acts or practices, or who otherwise violate federal consumer credit laws. Under the terms of the order, Navy Federal Credit Union is obligated: Cavalier periodically serves subpoenas and subpoenas on Navy Federal Credit Union. While many banks and credit unions in Virginia allow their branch managers to accept subpoenas at their branches, Navy Federal does not. Navy Federal receives subpoenas, subpoenas, and other legal documents at its Vienna headquarters.
A notarized letter from its Vice President for Security indicates which employees in Vienna have the express right to accept delivery. In 1954, the credit union again amended its bylaws to open membership to naval officers anywhere in the world, regardless of geographic location, and changed its name to Navy Federal Credit Union.