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Fed Officials Tour Navy FCU, Meet with Top Staffers

VIENNA, Va.-Staffers from the Federal Reserve's Division of Consumer and Community Affairs took a tour of Navy Federal Credit Union's facilities and met with credit union officials Jan. 16. The meeting aimed to get the two groups acquainted and highlight the largest credit union's operations and corporate philosophy. Navy Federal...

By Staff Writer | Updated on January 27, 2004

VIENNA, Va.-Staffers from the Federal Reserve’s Division of Consumer and Community Affairs took a tour of Navy Federal Credit Union’s facilities and met with credit union officials Jan. 16. The meeting aimed to get the two groups acquainted and highlight the largest credit union’s operations and corporate philosophy. Navy Federal also discussed federal regulations of interest, including Reg B and related proposed `clear and conspicuous’ disclosure standards. The credit union also praised the Fed’s Check 21 implementation efforts and interest in bounce protection. Navy Federal Credit Union CEO Brian McDonnell and members of the executive management team met with Federal Reserve Deputy Director of Consumer and Community Affairs Glenn Loney and other Fed staffers. Officials from NAFCU, including General Counsel Bill Donovan were present. McDonnell said the meeting and the tour of the world’s largest credit union provided the Fed “a better understanding of who we are and what we stand for.” Navy Federal is headquartered in Vienna, Va. and has more than $20 billion in assets and 2.3 million members. It serves the military and civilian personnel of the Navy, contractors that provide service on a regular basis and their families through over 100 branches and 280 ATMs.

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