The Navy commander behind the credit union banks love to hate

When bankers complain to Capitol Hill about the competitive threat posed by large credit unions, they are almost certain to mention Navy Federal Credit Union.   With more than 8 million members, 300 branches nationwide and over $100 billion of assets, Navy Federal is the largest credit union in the world and ranks among the top 50 financial institutions in the country. Its net income in 2018, on which it didn’t pay federal or state income tax, was $1.55 billion.