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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. It also expanded membership to include all Navy personnel in the Washington, DC area, both military and civilian.
It was not until 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 , 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 , the credit union reached a milestone, becoming the biggest credit union in the world, a distinction which it still holds today. In , the credit union moved into its current headquarters in Vienna, Virginia, eventually undergoing several major expansions of its facility there.
In , 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". In May , 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.
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:. Like all credit unions, Navy Federal is governed by a board of volunteers, elected by and from its membership. 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. As of January , the credit union had over 14, employees worldwide.
Navy Federal, founded in , has never had a layoff , choosing instead to move employees to other departments to avoid layoffs. Blue Cash Everyday AmEx. Costco TrueEarnings by American Express. Blue Cash Preferred AmEx. VentureOne by Capital One. Amex EveryDay Basic and Preferred.
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Navy Federal Credit Union is an armed forces bank serving the Navy, Army, Marine Corps, Air Force, Coast Guard, veterans, DoD & their families. Join now! Apply for Old Navy Visa Credit Card and Start Earning Rewards Points Enjoy a variety of exciting benefits when you have an Old Navy credit card. Our Old Navy credit cards customers save money, earn rewards points and more. Old Navy credit card offers 5 rewards points for every dollar spent in Old Navy and partner stores, 1 point on other purchases. Good store card to get as a first credit card to build credit.