Thanks for the insight HLS. Let me clarify what I mean by complete confidence in NFCU:
“Navy Federal—Strong, Safe and Secure
With 3 million members and $3 billion in reserves, Navy Federal is in sound financial condition, even as we expand our branch and ATM network to serve our growing membership.
Our soundness is based on our exemplary business practices:
We have never engaged in sub-prime mortgage lending
We adhere to sound financial underwriting practices
We provide members with professional guidance, which matches them with the right loan product option
We are regularly audited by PricewaterhouseCoopers LLP, an independent auditing firm
And members can enjoy added peace of mind knowing that their savings are federally insured through the National Credit Union Administration, a U.S. Government Agency. For more about savings insurance, see details at “Your Insured Funds.” (388kb)
Founded in 1933 during the Great Depression to provide its members with an economic safety net, Navy Federal remains a resource members can count on. Surplus funds resulting from our sound lending practices are returned to member-owners through higher dividends, reduced loan rates and service enhancements.”
