British credit unions travel to Navy Federal Credit Union
13 Apr 18
Three British Credit Unions travelled to the US last week to visit the world’s largest credit union, Navy Federal Credit Union.
Armed forced credit unions London Mutual Credit Union, Plane Saver Credit Union and Police Credit Union who trade via the Joining Forces joint brand all travelled last week to Virginia, to learn from Navy Federal. The credit unions exchanged ideas together with the world’s largest credit union. Navy Federal gave an insight to the three ABCUL credit unions of giving them an invaluable insight into how they have successfully served the US military and their families seeing them grow to over 7 million members.
Navy Federal Credit Union now has assets of over $90 billion and has saved members $60 billion. The British delegation spent time at one of Navy Federals offices in Vienna, Virginia where they learnt about different areas of their business model including their lending, branch operations, fraud prevention, marketing, and their saving products & membership model. The three credit unions found the visit hugely helpful in providing ideas in how to better serving their armed forces members back in Great Britain.
Senior Vice President, Regulatory Compliance & Public Policy at Navy Federal, Mark Lawton spent time with the credit unions. He has been a supporter of the Joining Forces group for a number of years having attended Parliamentary events around International Credit Union Day 2013 to help ABCUL originally make the case for an armed forces credit union service. The service was ultimately launched in 2015 with support from HM Treasury and led by the Ministry of Defence.
Speaking about the visit, Mark said: “It was a pleasure to host the Joining Forces group over the last week. Everyone at Navy Federal Credit Union very much enjoyed getting to know them and discussing the provision of credit union products and services to service members and their families.
“Working with ABCUL and the Joining Forces group has been a great honour for Navy Federal Credit Union. We have built upon a proud partnership since my visit to British parliament back in 2013 providing a global perspective on credit union development on International Credit Union Day. Everyone at Navy Federal Credit Union hopes this initiative continues to move forward and we wish you the very best as you continue the important work of serving British service members and their families.”