Strong, Safe and Secure

Navy Federal Credit Union is built on a strong foundation and a focus to provide our members with service, commitment and integrity. See below for our financial information, business practices and continuity plans and our Code of Ethics.

Financial Information

Operating Statistics

2nd Quarter, 2020 (dollars in thousands)
Assets: $128,638,305
Member Savings: $101,591,098
Loans Outstanding: $88,287,556
Reserves: $14,578,509
Members: 9,441,216

Financial Statements & Fees

Business Practices

A Strong Foundation

  • Your accounts are backed by Navy Federal Credit Union’s assets and reserves.
  • We invest your savings primarily in loans to fellow members.
  • The National Credit Union Administration (NCUA), a U.S. Government Agency, insures your savings up to $250,000 and the funds in your IRA up to $250,000.
  • We have never engaged in sub-prime mortgage lending.
  • We adhere to sound financial underwriting practices.
  • We provide members with professional guidance, which matches them with the right loan product option.
  • We are regularly audited by PricewaterhouseCoopers LLP, an independent auditing firm.

Code of Ethics

The Navy Federal Code of Ethics

In accordance with board policy, every Director, Committee Member, Officer, Agent, Attorney and Employee of Navy Federal Credit Union ("Navy Federal") shall be guided by the Code of Ethics set forth below and should:

  • act with the highest degree of integrity, which requires being honest and candid
  • recognize and accept personal responsibility to build and maintain Navy Federal's good name and reputation
  • give earnest effort and best thought to the performance of all duties
  • never use Navy Federal's equipment, systems, software, rooms, offices, facilities or supplies unless authorized by proper authority
  • protect the privacy and confidentiality of employees' personal and employment information and members' personal information and financial records/transactions. Never access any member account without a business need to do so.
  • not disclose sensitive operational or competitive issues with outside parties. Disclosures to representatives of the media will only be made by parties specifically named to do so.
  • never use any information obtained in the performance of Navy Federal duties as a means for personal gain or benefit.
  • disclose, to the Chairman (in the case of officials) or to the cognizant Vice President (in the case of employees): all potential conflicts of interest, including those in which you are inadvertently placed due to a business or personal relationship with another employee, any member, supplier, business associate, or competitor of Navy Federal, or any other entity with which Navy Federal does business; all fraudulent activity, dishonesty or corruption wherever discovered; and evidence of a violation of the laws, rules or regulations applicable to Navy Federal and the operation of its business, or of a violation of this Code of Ethics.
  • provide the highest level of service in a courteous and professional manner and treat all individuals fairly without regard to age, race, color, national origin, sex, religion, disability, veteran's status, social and economic status, or any other basis protected by law. Never act unfairly by granting special favors or privileges to anyone, whether for remuneration or not.
  • never solicit or accept for personal gain (or for the benefit of any third party except Navy Federal) any gift, gratuity, benefit or unusual hospitality that might be construed by reasonable persons as tending in any way to influence one in the performance of duties; nor accept anything of value in connection with Navy Federal's business after any transaction is discussed or completed.
  • never process or give authorization to process any loan or paper, monetary or data transactions for own accounts; accounts on which employee is a joint owner, authorized user, co-borrower, a custodian, or a trustee; and accounts belonging to any family member, to any substantive equivalent of a relative, or to anyone residing at the same address.
  • never mislead, coerce, manipulate or fraudulently influence the National Credit Union Administration examiners, external auditors or internal auditors preparing an audit report.
  • never engage in business with Navy Federal, either directly or indirectly, which is inconsistent with the honest performance of duties.
  • never participate on behalf of Navy Federal, directly or indirectly, in any deliberations or decisions on any question in which one has a personal monetary interest, including any decisions affecting the procurement of equipment, supplies or services from any source.
  • uphold these principles as fundamental to the well-being of Navy Federal and to its continued service, growth and progress.

Business Continuity

Our Commitment to You

Navy Federal Credit Union’s business continuity plan prepares the credit union to respond rapidly in a local, regional or national emergency. The primary objectives of the continuity plan are to ensure employee safety, to safeguard credit union assets and member equity and to minimize inconvenience and disruption of service to members. The infrastructure for this plan includes call centers, branches and worldwide telecommunication network.

During an emergency event at headquarters, employees will relocate to Navy Federal’s recovery facility that has an emergency operations center, dedicated workstations and a backup data center.

Detailed plans and procedures are documented, reviewed and regularly tested.

Volunteer Officials

Board of Directors

  • Chairman: VADM John A. Lockard, USN (Ret.)
  • First Vice Chairman: RADM Bruce B. Engelhardt, USN (Ret.)
  • Second Vice Chairman: Mr. Edward R. Cochrane Jr.
  • Treasurer: Ms. Mary A. McDuffie
  • Secretary: COL Kenneth R. Burns, USMC (Ret.)
  • RDML Kirk A. Foster, USN (Ret.)
  • CAPT Neil W.T. Hogg, USN (Ret.)
  • COL William P. Mizerak, USMC (Ret.)
  • RDML Annie B. Andrews, USN (Ret.)

Supervisory Committee

  • Chairman: BGEN Michael C. Wholley, USMC (Ret.)
  • RDML Kirk A. Foster, USN (Ret.)
  • CAPT Patrick J. McClanahan, SC, USN (Ret.)
  • Ms. Caral E. Spangler
  • Mr. Pasquale M. Tamburrino Jr.

2019 Annual Report

Although we're facing many unknowns, 2019 was a stronger year for us. Our robust performance over the last several years is the reason for the stability we have today, and it will help us continue to meet members' needs in an uncertain economy.

Read Our 2019 Annual Report about 2019 Annual Report

Disclosures