, May 2022 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. 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.” ==Membership==