President's Message

With the holiday season upon us, I want to take a moment to wish everyone a happy holiday and a happy New Year. As many of us spend this time surrounded by family and friends, we also remember the men and women who will be apart from loved ones to serve our nation around the world. On behalf of everyone at Navy Federal, thank you for your sacrifice—today and every day.

As another Year comes to an end, I’d like to use this opportunity to share a few items that are top of mind for the credit union and for our members.

America’s Economic Climate

Since early this year, economic data has clearly shown what’s known as a “K-shaped economy” forming in the US What this means, simply, is that the economy can look very different depending on the circumstances impacting individual American families. Essentially, the “K” shape explains two distinct realities as households earning above $170,000 annually are spending more each month, but households below this threshold are being forced to pare back or delay discretionary spending on items like travel, restaurant visits and home repairs. 

No matter the income level, we know many of our members’ biggest economic concerns are centered around rising prices in America. Beyond increased costs for things like groceries, rent and utilities, we’ve had more members contacting us looking for help as they try to figure out how they’re going to pay their real estate taxes or their home and car insurance bills, all of which have increased considerably over recent years. We encourage you to give us a call any time at (888) 842-6328 to speak with one of our member service representatives, whether you’re struggling to navigate this uncertain economic environment or looking to create a more stable financial plan for your future.

Despite persistent fluctuations in our economy, Navy Federal remains in a secure and stable financial position that allows us to be there for our members, particularly in times when assistance from a not-for-profit, mission-driven credit union is needed most. 

Federal Government Shutdown

Earlier this fall, we experienced the longest shutdown of the federal government in our nation’s history. As we have done during previous shutdowns, Navy Federal offered members a 0% interest loan to cover missed pay. Every eligible member who applied for the program was approved as no credit check was required and no information about these loans was shared with credit reporting agencies. 

Over the course of the 43-day shutdown, Navy Federal dispersed nearly 200,000 loans worth roughly $350 million, with zero impact to members’ credit history and zero dollars in interest charged. While we were grateful to be able to make this support available, we will continue to monitor policy situations in Washington that have the potential to directly impact our members’ lives.

15-Million-Member Milestone

Finally, as you may know, Navy Federal Credit Union officially welcomed our 15 millionth member earlier this fall. This is a tremendous milestone—one we believe is driven by Navy Federal's ongoing investments in member service and by the products and programs meant to support our members at all stages of life. I want to thank every member who has continually placed their trust in Navy Federal, and I also want to recognize our 25,000 team members worldwide—without them, none of this is possible.

Please know we’re always just a call, click or branch visit away if there’s anything we can do for you or your family.

Sincerely,

Dietrich Kuhlmann
President/CEO
Navy Federal Credit Union