WASHINGTON – Navy Federal Credit Union is adept at serving the particular needs of the military, CEO Cutler Dawson told a congressional subcommittee earlier this month. Navy Federal did not grow from 49 members and $450 in assets in its first year of operation to more than $25 billion in assets without serving its membership. He explained to members of the House Financial Institutions and Consumer Credit Subcommittee during the May 18 hearing that now the credit union serves Sailors, Marines, and Navy Department employees and their families through 112 branches with 20 overseas. "We have not strayed from our mission of serving those members who share a common bond of military or civilian service with the Department of the Navy," Dawson emphasized. To meet the "unique requirements" of military personnel and their families, Navy Federal conducts financial counseling through the military and its own offices with 1,500 sessions offered last year alone; provides budgetary counseling and debt management at no cost for members in financial hardship; assists survivors as a liaison between family members, attorneys and the military service; and offers remote account access to members worldwide, among other products and services.

Navy Federal's dedication to its membership has earned them great loyalty, Dawson added. "Navy Federal Credit Union recognizes that providing the financial products and services needed by our Sailors and Marines and their families, wherever they might be, is our mission," he stated.